Company B acquired the rights to use a mine for gold for $100,000. They expect the mine to provide 300,000 ounces of gold. In the first year, they extracted 60,000 ounces of gold. Record the journal entry for depletion: O Inventory Gold mine O Gold mine Accumulated Depletion Inventory Gold mine O Gold mine Accumulated Depletion $180,000 $180,000 $20,000 $20,000 $20,000 $20,000 $180,000 $180,000

Company B acquired the rights to use a mine for gold for $100,000. They expect the mine to provide 300,000 ounces of gold. In the first year, they extracted 60,000 ounces of gold. Record the journal entry for depletion: O Inventory Gold mine O Gold mine Accumulated Depletion Inventory Gold mine O Gold mine Accumulated Depletion $180,000 $180,000 $20,000 $20,000 $20,000 $20,000 $180,000 $180,000

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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