Solare Company Acquired Mineral Rights For $336,600,000. The Diamond Deposit Is Estimated At 37,400,000 Tons. During The Current Year, 4.590,000 Tons Were Mined And Sold. A. Determine The Depletion Rate. Per Ton B. Determine The Amount Of Depletion Expense For The Current Year. C. Journalize The Adjusting Entry To Recognize The Depletion Expense. If An

 

Transcribed Image Text:

Solare Company acquired mineral rights for $336,600,000. The diamond deposit is estimated at 37,400,000 tons. During the current year, 4,590,000 tons were mined and sold. a. Determine the depletion rate. per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 Solare Company acquired mineral rights for $336,600,000. The diamond deposit is estimated at 37,400,000 tons. During the current year, 4,590,000 tons were mined and sold. a. Determine the depletion rate. per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31