Southern New Hampshire Univer x CengageNOWv2 | Online teachin x Course Hero X + X A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain. do?invoker=&takeAssignmentSessionLocator=&inprogress=false Module 5 Problem Set eBook Show Me How 1. BE.09.08.ALGO Depletion Intra-Spect Mining Co. acquired mineral rights for $136,000,000. The mineral deposit is estimated at 85,000,000 tons. During the current year, 22,100,000 tons were mined and sold. 2. BE.09.01.ALGO a. Determine the depletion rate. If required, round your answer to two decimal places. 3. BE.09.07.ALGO per ton 4. BE.09.03.ALGO b. Determine the amount of depletion expense for the current year. 5. EX.09.04 Feedback 6. EX.09.03.ALGO Check My Work 7. BE.09.05.ALGO Similar to the units-of-production method to depreciate a fixed asset, the depletion rate that is calculated stays constant no matter how much of the natural resource is extracted. 8. BE.09.09 9. BE.10.01.ALGO c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 Depletion Expense v 10. BE. 10.06.ALGO Accumulated Depletion v 11. EX.09.01 Feedback 12. BE.09.02.ALGO Check My Work 13. EX.09.02 Similar to the journal entry to record depreciation, the journal entry to record depletion affects a contra asset account. 14. BE. 10.08.ALGO Feedback 15. BE.09.01 Check My Work 16. EX.10.02.ALGO Partially correct Progress: 3/16 items Check My Work Previous Next Assignment Score: 59.38% All work saved. Email Instructor Save and Exit Submit Assignment for Grading M Q 2 5:47