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.
Chapter1: Financial Statements And Business Decisions
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![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 production
from 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.
Calculations
1. Calculate the amount of depletion expense for both years.
Year 1
Year 2
General Journal
2. Prepare general journal entries for depletion expense. If an amount box does not require an entry, leave it blank.
Page: 1
DATE
1 Year 1
2
3
4 Year 2
5
ACCOUNT TITLE
DOC. POST.
NO. REF.
DEBIT CREDIT
1
2
3
5](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6bd3317c-ac34-4ffa-90b4-980e5c57c563%2F8641acc1-6b50-4582-866d-3d7204b57c1e%2Fevd6vr_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 production
from 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.
Calculations
1. Calculate the amount of depletion expense for both years.
Year 1
Year 2
General Journal
2. Prepare general journal entries for depletion expense. If an amount box does not require an entry, leave it blank.
Page: 1
DATE
1 Year 1
2
3
4 Year 2
5
ACCOUNT TITLE
DOC. POST.
NO. REF.
DEBIT CREDIT
1
2
3
5
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