Solve both questionsDo not give solution in image Depletion: Calculating and Journalizing1. Calculate the amount of depletion expense for both years.2. Prepare general journal entries for depletion expense. If an amount box does not require an entry, leave it blank.Mineral Works Co. acquired a salt mine at a cost of $1,700,000. The estimated number of units available for productionfrom the mine is 3,400,000 tons.a. During the first year, 200,000 tons are mined and sold.b. During the second year, 600,000 tons are mined and sold.Calculations1. Calculate the amount of depletion expense for both years.Year 1Year 2General Journal2. Prepare general journal entries for depletion expense. If an amount box does not require an entry, leave it blank.Page: 1DATE1 Year 1234 Year 25ACCOUNT TITLEDOC. POST.NO. REF.DEBIT CREDIT1235

The depreciation expense is charged on the fixed assets as reduction in the value of the fixed…

Depletion: Calculating and Journalizing 1. Calculate the amount of depletion expense for both years. 2. Prepare general journal entries for depletion expense. If an amount box does not require an entry, leave it blank... Mineral Works Co. acquired a salt mine at a cost of $1,700,000. The estimated number of units available for product rom the mine is 3,400,000 tons. a. During the first year, 200,000 tons are mined and sold. b. During the second year, 600,000 tons are mined and sold.

Depletion: Calculating and Journalizing 1. Calculate the amount of depletion expense for both years. 2. Prepare general journal entries for depletion expense. If an amount box does not require an entry, leave it blank... Mineral Works Co. acquired a salt mine at a cost of $1,700,000. The estimated number of units available for product rom the mine is 3,400,000 tons. a. During the first year, 200,000 tons are mined and sold. b. During the second year, 600,000 tons are mined and sold.

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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