Cengage XCengage X Cengage X Cengage X MindTap X MindTap xG moduleS ACC202mow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-falseeBookShow Me HowDepletionEarth's Treasures Mining Co. acquired mineral rights for $70,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year,9,600,000 tons were mined and sold.a. Determine the depletion rate. If required, round your answer to two decimal places.per tonb. Determine the amount of depletion expense for the current year.c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.Dec. 31Check My WorkPrevious6:32(?55°F11/27 ge XCengage x Cengage X Cengage x MindTap x MindTap xG modulexS ACC202 X +com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseeBookShow Me HowImpaired Goodwill and Amortization of PatentOn April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated thatgoodwill of $41,000 was impaired.a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank.April 1b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount boxdoes not require an entry, leave it blank.88Dec. 31C. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank.Dec. 31PreviousCheck My Work6:33 PM55°F11/27/202123

Depreciation is an expense that is incurred due to the usage of the assets. It can be calculated…

Depletion Earth's Treasures Mining Co. acquired mineral rights for $70,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 9,600,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. C. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31

Depletion Earth's Treasures Mining Co. acquired mineral rights for $70,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 9,600,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. C. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31

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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