Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help prepare the journal entry to record depletion. On July 1, 2022. Swifty Inc. invested $700,520 in a mine estimated to have 844,000 tons

Please help prepare the journal entry to record depletion.
image text in transcribed
On July 1, 2022. Swifty Inc. invested $700,520 in a mine estimated to have 844,000 tons of ore of unifarm grade. During the last 6 months of 2022,134,000 tons of ore were mined. (a1) Calculate depletion cost per unit, (Round answer to 2 decirnal ploces. es. 0.50.) Depletion cost per unit $ (32) Prepare the journal entry to record depletion. (List all debit entries befare credit entries. Credit account bicles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount biter and enter Ofor the amounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions