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On January 1, 2019, Lakeside Enterprises purchased a copper mine for $1,800,000. The company expects the resources to produce 12,000,000 units of the product. Prepare
| On January 1, 2019, Lakeside Enterprises purchased a copper mine for $1,800,000. | |||||
| The company expects the resources to produce 12,000,000 units of the product. | |||||
| Prepare the journal entry to record depletion expense for the month of January assuming | |||||
| that 20,000 units were mined and 15,000 of those units were sold. | |||||
| Presented below is information related to plant assets, natural resources and intangibles at | |||||
| year end on December 31, 2019 for Rangel Company. | |||||
| Prepare a Balance Sheet for Rangal Company that shows how these items would be presented. | |||||
| Buildings | 1,080,000 | ||||
| Goodwill | 350,000 | ||||
| Patents | 430,000 | ||||
| Coal mine | 440,000 | ||||
| Accumulated depreciation | 620,000 | ||||
| Accumulated depletion | 275,000 | ||||
| Rangal Company | |||||
| Balance Sheet (partial) | |||||
| As of December 31, 2019 | |||||
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