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On July 1, 2021, Skysong Exploration invests $1.50 million in a mine that is estimated to have 868,750 tonnes of ore. The company estimates that

On July 1, 2021, Skysong Exploration invests $1.50 million in a mine that is estimated to have 868,750 tonnes of ore. The company estimates that the property will be sold for $110,000 when production at the mine has ended. During the last six months of 2021. 110,000 tonnes of ore are mined and sold. Skysong 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 O for the amounts. Round per tonne to 2 decimal places, eg. 5.27 and final answers to O decimal places, eg. 5,276.) Date Account Titles and Explanation Dec. 31 (To record depletion.) List of Accounts Debit Show how the mine and any related accounts are reported on the December 31, 2021, income statement. Creditimage text in transcribed

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