Homework Answers
| (a1) | ||
| Depletion cost per unit = ( Cost - Salvage value ) / Estimated total tons of ore = ( 6141000 - 0 ) / 40940000 | 0.15 | per ton |
| (a2) | |
| Depletion expense for first year = Depletion cost per unit * Tons of ore extracted in first year = 0.15 * 13820000 | 2073000 |
| Account Titles and Explanation | Debit | Credit |
| Depletion expense | 2073000 | |
| Accumulated depletion | 2073000 |
| Grouper Mining Co. | ||
| Balance sheet (Partial) | ||
| Ore mine | 6141000 | |
| Less : Accumulated depletion | 2073000 | 4068000 |
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Brief Exercise 10-11 a1-b (Part Level Submission) Grouper Mining Co. purchased for $6,141,000 a mine that...
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On
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Your answer is partially correct. Try again.
If the answer is not "Depletion Expense," then what is the
correct answer?
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Exercise 10-18 Depletion of natural resources LO P1, P3 On April 2, 2017, Montana Mining Co....
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On
July 1, 2020, Pina Colada Corp. invested $740,160 in a mine
estimated to have 771,000 tons of ore of uniform grade. During the
last 6 months of 2020, 104,000 tons of ore are mined. Prepare the
journal entry to record depletion.
Your answer is partially correct. Try again.
If the answer is not "Depletion Expense," then what is the
correct answer?
Exercise 9-11 al-a2, b (Video) (Part Level Submission) On July 1, 2020, Pina Colada Corp. invested $740,160 in...
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could you please help me this one?
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