V 10/15: View Policies Show Attempt History Current Attempt in Progress Pharoah Mining Company has a December 31 fiscal year end. The following information relates to its Golden Grove mine: 1. 2. 3. 4. Pharoah purchased the Golden Grove mine on March 31, 2020, for $3.40 million cash. On the same day, modernization of the mine was completed at a cash cost of $266,000. It is estimated that this mine will yield 610,000 tonnes of ore. The mine's estimated residual value is $250,000. Pharoah expects it will extract all the ore, and then close and sell the mine site in four years. During 2020, Pharoah extracted and sold 220,000 tones of ore from the mine. At the beginning of 2021, Pharoah reassessed its estimate of the remaining ore in the mine. Pharoah estimates that there are still 546,000 tonnes of ore in the mine at January 1, 2021. The estimated residual value remains at $250,000. During 2021, Pharoah extracted and sold 210,000 tonnes of ore from the mine. (a) uestion 2 of 5 Your answer is correct. 10/15 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 O for the amounts. Round per tonne value to 2 decimal places, e.g. 12.25 & final answers to O decimal places, e.g. 5,275.) 2020 Date Account Titles and Explanation Mar. 31 V Resource Dec. 31 Cash (To record purchase and modernization of mine.) Inventory Accumulated Depletion - Resource (To record depletion.) Dec. 31 Cost of Goods Sold Debit 6 3666000 1232000 1232000 Credit 366600 123200 ENG 12:37 PM US 2022-07-24 Question 2 of 5 Accumulated Depletion - Resource (To record depletion.) Dec. 31 V Cost of Goods Sold 2021 Date Inventory (To record cost of goods sold.) 1232000 Account Titles and Explanation Debit Dec. 31 V Inventory Accumulated Depletion - Resource (To record depletion.) Dec. 31 Cost of Goods Sold (DELL 840000 840000 10/15 123200 123200 Credit 84000 ENG 12:37 PM US 2022-07-24 2021 Date Account Titles and Explanation Debit Dec. 31 Inventory Dec. 31 Accumulated Depletion - Resource (To record depletion.) Cost of Goods Sold Inventory (To record cost of goods sold.) eTextbook and Media List of Accounts M DOLL 10/15 840000 Credit 840000 84000 84000 Attamnte: 1 of 3ucad ENG 12:37 PM US 2022-07-24 Question 2 of 5 < > (b1) Your answer is correct. Show how the Golden Grove mine will be reported on Pharoah's December 31, 2021, income statement. PHAROAH MINING COMPANY Income Statement (Partial) 20. Year Ended December 31, 20 Cost of Goods Sold eTextbook and Media List of Accounts (b2) $ 840000 GE 10/15 Attempts: 2 of 3 used ENG (b2) Show how the Golden Grove mine will be reported on Pharoah's December 31, 2021, balance sheet. PHAROAH MINING COMPANY Balance Sheet (Partial) eTextbook and Media List of Accounts Save for Later $ (DELL $ 15 = ... Attempts: 0 of 3 used Submit Answer > ENG US