Alaska Mining Co. acquired mineral rights for $9,256,000. The mineral deposit is estimated at 71,200,000 tons. During the current year, 10,700,000 tons were mined and sold. Question Content Area a.  Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places.fill in the blank 1 of 1$   Feedback Area   Feedback   Question Content Area 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. Date Account Debit Credit December 31

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Alaska Mining Co. acquired mineral rights for $9,256,000. The mineral deposit is estimated at 71,200,000 tons. During the current year, 10,700,000 tons were mined and sold.

Question Content Area

a.  Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places.
fill in the blank 1 of 1$

 

Feedback Area

 
Feedback
 

Question Content Area

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.

Date Account Debit Credit
December 31
 
   
 
 
   
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