Homework Answers
Depletion base= $700000
Units expected to be mined= 500000 tons
Depletion rate = Depletion base/ Units expected to be mined
= 700000/500000= $1.4 per ton
Depletion Expense= Depletion rate x Current year Mined
= 80000 x 1.4= 112000
Journal entry to record depletion expense
Dr. Depletion Expense A/C 112000
Cr. Accumulated Depletion A/C 112000
Add Answer to:
based on the depletion rate, what is the credit recorded in the
journal?
New Age Mining...
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