In 2013 Lucky Mining Company paid $800,000 for mining rights. It is estimated that a total of 400,000 kilograms of ore are available to be extracted. During 2013, 60,000 tons of ore were mined. What is the amount of Depletion Expense recorded in the adjusting entry for 2013?

Question

Quizplus · Accepted Answer

The Answer of In 2013 Lucky Mining Company paid $800,000 for mining rights. It is estimated that a total of 400,000 kilograms of ore are available to be extracted. During 2013, 60,000 tons of ore were mined. What is the amount of Depletion Expense recorded in the adjusting entry for 2013?

In 2013 Lucky Mining Company Paid $800,000 for Mining Rights