Short Journal Question

a. Determine the depletion rate. Round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. C. Joumalize the adfusting entry on December 31 to recognize the depletion expense. Refer to the chart of accounts for the exact warding of the account tities. CNOW/ journals do not use fines for joumal explanations. Every line on a joumal poge is used for debit or credt entrios. CNow journals wit aufomatically indent a crodit entry when a credit amount is entered ASSETS 110 Cash 111 Petty Cash 112 Accounts Recelvable 114 Interest Recelvable 115 Notes Recelvable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 133 neliverv Truick REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck. 621 Gain on Sale of Equipment 622 Gain on Sale of Mineral Rights EXPENSES 510 Cost of Merchandise Sold 520 Salarles Expense 521 Advertisina Exoense Instructions Chart of Accounts First Questions Journal Snowcap Mining Co. acquired mineral rights for $148,352,000. The mineral deposit is estimated at 390,400,000 tons, During the current year, 49,868,000 tons were mined and sold. Requird: a. Determine the depletion rate. Round your answer to two decimal places. b. Determine the amount of depletion expense for the current yoar. c. Joumalize the adjusting ientry on December 31 to recognize the dopletion expense. Rofer to the charf of accounts for the exact wording of the account tites. CNOW journals do not use lines for joumal explanations. Every line on a joumal page is used for dobit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Instructions Chart of Acoounts First Questions Journal Instructions