Question 6 of 7 -/10 E View Policies Current Attempt in Progress Sheridan Mining Company has a December 31 fiscal year end. The following information relates to its Golden Grove mine: 1 2. 3. Sheridan purchased the Golden Grove mine on March 31, 2020, for $3.50 million cash. On the same day, modernization of the mine was completed at a cash cost of $269,000. It is estimated that this mine will yield 580.000 tonnes of ore. The mine's estimated residual value is $260,000. Sheridan expects it will extract all the ore, and then close and sell the mine site in four years. During 2020. Sheridan extracted and sold 210,000 tonnes of ore from the mine. At the beginning of 2021, Sheridan reassessed its estimate of the remaining are in the mine. Sheridan estimates that there are still 559,625 tonnes of ore in the mine at January 1, 2021. The estimated residual value remains at $260.000 During 2021. Sheridan extracted and sold 190.000 tonnes of ore from the mine. 4 (a) Prepare the 2020 and 2021 Journal entries for the above, including any year-end adjustments (Credit account obles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round per tonne value to 2 decimal places, es 1225 & final answers to decimal places, es. 5.275) 2020 Date Account Titles and Explanation Debit Credit hop ment-player/index.html?launchid4b493d78-674-4995-8531-688c66d3ed24/questions Homework Assignment Question 6 of 7 -/10 E (a) Prepare the 2020 and 2021 journal entries for the above, including any year-end adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round per tonne value to 2 decimal places, eg. 12.25 & final answers to decimal places, es 5,275) 2020 Date Account Titles and Explanation Debit Credit To record purchase and modernization of mine.) (To record depletion) (To record cost of goods sold.) 2021 Debit Credit Date Account Titles and Explanation - / 10 2021 Date Account Titles and Explanation Debit Credit (To record depletion.) (To record cost of goods sold.) e Textbook and Media Attempts: 0 of 5 used Submit Answer Save for Later Using multiple attempts will impact your score. 20% score reduction after attempt 3 (61) The parts of this question must be completed in order. This part will be available when you complete the part above
