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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 47
Depletion entries
Alaska Mining Co. accquried mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold.
A. Determine the amount of depletion expense for the current year.
B. Journalize the adjusting entry on December 31 to recognize the depletion expense.
Alaska Mining Co. accquried mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold.
A. Determine the amount of depletion expense for the current year.
B. Journalize the adjusting entry on December 31 to recognize the depletion expense.
Explanation
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Verified
Depletion cost
The expense charged for ...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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