On July 1, 2021, Kingbird Exploration invests $1.43 million in a mine that is estimated to have 670,000 tonnes of ore. The company estimates that the property will be sold for $90,000 when production at the mine has ended. During the last six months of 2021, 90,000 tonnes of ore are mined and sold. Kingbird has a December 31 fiscal year end.

Record the 2021 depletion. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round per tonne to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,276.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title to record depletion on December 31	enter a debit amount	enter a credit amount
	enter an account title to record depletion on December 31	enter a debit amount	enter a credit amount
	(To record depletion.)

eTextbook and Media

List of Accounts

Question Part Score

--/2

Show how the mine and any related accounts are reported on the December 31, 2021, income statement.

KINGBIRD EXPLORATION Income Statement (Partial) choose the accounting period Quarter Ended December 31, 2021December 31, 2021Year Ended December 31, 2021
enter an income statement item		$enter a dollar amount

eTextbook and Media

List of Accounts

Question Part Score

--/4

Show how the mine and any related accounts are reported on the December 31, 2021, balance sheet.

KINGBIRD EXPLORATION Balance Sheet (Partial) choose the accounting period Year Ended December 31, 2021December 31, 2021Quarter Ended December 31, 2021
Assets
select an opening section name Total Current LiabilitiesProperty, Plant and EquipmentTotal AssetsStockholders' EquityIntangible AssetsCurrent LiabilitiesInvestmentsLong-Term DebtTotal Stockholders' EquityCurrent AssetsTotal LiabilitiesTotal Intangible AssetsTotal Property, Plant and EquipmentTotal Current AssetsTotal Liabilities and Stockholders' Equity
enter a balance sheet item		$enter a dollar amount
select between addition and deduction AddLess:enter a balance sheet item		enter a dollar amount	$enter a subtotal of the two previous amounts