q5

Question 5 1 points Save Answer Jassim mining company purchased mining property for $1,873,500 containing an estimated 7,806,250 tons of ore. When mining is complete, the property will have no salvage value. In Year 1, Jassim mined and sold 675,000 tons of ore. Calculate the depletion expense for Year 1 and prepare the journal entry to record the depletion. O $0.24 per ton; Dr. Depletion expense $162,000 & Cr. Accumulated depletion $162,000 $0.24 per ton; Dr. Depreciation expense $162,000 & Cr. Accumulated depreciation $162,000 $0.15 per ton; Dr. Depletion expense $101,250 & Cr. Accumulated depletion $101,250 O $0.15 per ton; Dr. Depreciation expense $101,250 & Cr. Accumulated depreciation $101,250