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Backwoods Mining Co. acquired mineral rights for $24,213,000. The mineral deposit is estimated at 115,300,000 tons. During the current year, 17,300,000 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 28702f06cfb3013_1   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. blank   - Select - - Select -     - Select - - Select -

Backwoods Mining Co. acquired mineral rights for $24,213,000. The mineral deposit is estimated at 115,300,000 tons. During the current year, 17,300,000 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 28702f06cfb3013_1   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. blank   - Select - - Select -     - Select - - Select -

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Depletion Entries

Backwoods Mining Co. acquired mineral rights for $24,213,000. The mineral deposit is estimated at 115,300,000 tons. During the current year, 17,300,000 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 28702f06cfb3013_1

 

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.

blank
 
 - Select - - Select -
 
 
 - Select - - Select -
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