On July 1, 2015, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of ore of uniform grade. During the last 6 months of 2015, 100,000 tons of ore were mined and sold.

A. Prepare the journal entry to record depletion expense.

B. Assume that the 100,000 tons of ore were mined, but only 80,000 units were sold. How are the costs applicable to the 20,000 unsold units reported?

The following are selected 2015 transactions of Pedigo Corporation.

Prepare necessary adjusting entries at December 31 to record amortization required by the events above

Dec. 3 39-12 13 On July 1, 2015. Frladman Inc ted 5720,000 in a mna essmated 1n hava 00.000 tons or ore crunromm grade During the last ths nt 2015, 100 tons crore ware munad and sold 10 record d (b) that 0010 of ore W ined, but only 80,000 units were sold. How are the cost to the 20,000 sold unrs rep rad? The fol selected of Pedigo Corporation. ded goodwilof 5150.000. Its eful life inde mute. I May Purchased fot apateat with an estimated useful fe of 3 years andalegallife of 20 years. $75,000