%24 Depletion Entries Alaska Mining Co. acquired mineral rights for $11,011,000. The mineral deposit is estimated at 84,700,000 tons. During the current year, 12,700,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. 88 ck My Work (Previous Next All work saved. Save and Exit Submit Assignment for Gradi

%24 Depletion Entries Alaska Mining Co. acquired mineral rights for $11,011,000. The mineral deposit is estimated at 84,700,000 tons. During the current year, 12,700,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. 88 ck My Work (Previous Next All work saved. Save and Exit Submit Assignment for Gradi

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Depletion Entries Alaska Mining Co. acquired 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. Round the depletion rate to two decimal places. b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. 88 Dec. 31
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Depletion Earth's Treasures Mining Co. acquired mineral rights for $42,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 11,600,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $139,100 has an estimated useful life of 16 years, has an estimated residual value of $8,700, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? %$4 Feedback b. Assume that the equipment was sold on April 1 of the fifth year for $98,242. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entrY, leave it blank. Round your answers to the nearest whole dollar if required. Depreciation Expense-Equipment Accumulated Depreciation-Equipmentv Feedback 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank, Do not round intermediate calculations. Cash Accumulated Depreciation-Equipment V Loss on Sale of Equipment y 00 00 000 %24
explain all three subparts
Question Content Area Solare Company acquired mineral rights for $543,400,000. The diamond deposit is estimated at 49,400,000 tons. During the current year, 2,230,000 tons were mined and sold. Question Content Area a. Determine the depletion rate.fill in the blank 1 of 1$ per ton b. Determine the amount of depletion expense for the current year.fill in the blank 1 of 1$ Question Content Area c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Date Account Debit Credit December 31
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Partial-year depreciation Equipment acquired at a cost of $74,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. When required, round your answers to two decimal places. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Year 1 $ Year 2 $ Depreciation b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Year 1 Year 2 Depreciation
Amortization and depletion entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. On December 31, the company determined that $930,000 of goodwill was impaired. b. Governmental and legal costs of $6,720,000 were incurred on September 30 in obtaining a patent with an estimated economic life of 15 years. Amortization is to be for one-fourth of a year. c. Timber rights on a tract of land were purchased for $800,000 on February 4. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,400,000 board feet of timber were cut and sold. Required: 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Do not round your intermediate calculation. Impairment, Amortization or Depletion Expense Item a. b. C. 2. Journalize the adjusting entries to record the amortization, depletion, or impairment for each item. If an…