R. Spradlin Inc. Purchased a diamond mine in North Carolina for $12,000,000. It is estimated that the mine contains 10,000 tons of diamonds. The land has a residual value of $2,000,000. Record the depletion journal entry to mine 800 tons of diamonds for the first year of production Date Description PR Debit Credit 5. What is the carrying Value of the mine after the first year of production? Sam Walton purchased a large truck costing $40,000 for his moving business on January 3, 2020. Sam uses the straight line method of depreciation. He expects the truck to last 10 years and have a residual value of $10,000 T. Prepare the 1 year depreciation entry for the truck. Date Description PR Debit Credit U. What is the carrying value of the truck after year 3? V. Sam Walton changes the oil in the large truck on January 2, paying $120 for the oil change and new filters. Record the expenditure. Date Description PR Debit Credit W. Sam Walton sells his delivery truck after lanuary of year 4 for $28,000. Record the sale of the delivery truck on January 10, 2024 Date Description PR Debit Credit X. Sam Walton purchased a Van on August 1, 2020 for 38,000. He expects the useful life to be 5 years and the van to have a residual value of 8,000. Prepare the year-end adjusting entry for depreciation Date Description PR Debit Credit Y. Smiling Jack's Candy Store is recognized all over the state of Texas for selling unusual candy items. The company uses the lower of cost or market to value their inventory and has asked you to calculate the current merchandise inventory amount. Item Units Cost Market Gumdrop Buttons 100 $100 $1.25 Sugarplum Fairies 230 $2.55 $2.50 Dingleberries 140 $2.20 $2.00 Sky Hooks 55 $3.00 $3.75 Magic Beans 120 $1.20 $1.25 Dompa Loompa Drops 13 $6.00 $5.50 Value of inventory