DepletionGlacier Mining Co. acquired mineral rights for $494,000,000. The mineral deposit is estimated at 475,000,000 tons. Duringthe current year, 31,500,000 tons were mined and sold.a. Determine the depletion rate. Round your answer to two decimal places.per tonb. Determine the amount of depletion expense for the current year.%24c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not requirean entry, leave it blank.inDec. 31

a. Depletion rate per ton = (Cost of rights - Residual value) / Estimated tons of minerals =…

Answered: Depletion Glacier Mining Co. acquired…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Depletion entries Alaska Mining Co. acquired mineral rights for $17,575,000. The mineral deposit is estimated at 92,500,000 tons. During the current year, 13,900,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. LA 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. December 31 00 ******
Depletion Entries Alaska Mining Co. acquired mineral rights for $26,838,000. The mineral deposit is estimated at 149,100,000 tons. During the current year, 22,350,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places. b. Journalize the adjusting entry on December 31 to recognize the depletion expense.
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $107,330 has an estimated useful life of 12 years, has an estimated residual value of $7,850, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year?$fill in the blank b. Assume that the equipment was sold on April 1 of the fifth year for $65,642. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. - Select - - Select - - Select - - Select - 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
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Depletion Entries Backwoods Mining Co. acquired mineral rights for $53,200,000. The mineral deposit is estimated at 19,000,000 tons. During the current year, 2,500,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. 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. Dec. 31
Backwoods Mining Co. acquired mineral rights for $53,200,000. The mineral deposit is estimated at 19,000,000 tons. During the current year, 2,500,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. b. Journalize the adjusting entry on December 31 to recognize the depletion expense.
< Depletion: Hidden Hollow Mining Co. acquired mineral rights for $102,000,000. The mineral deposit is estimated at 85,000,000 tons. During the current year, 17,000,000 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. December 31
Bosch Company acquired mineral rights for $15,000,000. The mineral deposit is estimated at 60,000,000 tons. During the current year 11,500,000 tons were mined and sold for $3,500,000. a) Determine the amount of depletion expense for the current year. b) Journalize the adjusting entry to recognize the expense.
Equipment is placed in service on January 1. The cost of the equipment is $250,000 with a salvage value of $25,000 and an estimated useful life of five years. Which amount of annual depreciation expense should be recorded on December 31 of Year 2 under the sum-of-years'-digits method? $45,000 $60,000 $75,000 $100,000
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 -
Depletion Intra-Spect Mining Co. acquired mineral rights for $144,500,000. The mineral deposit is estimated at 85,000,000 tons. During the current year, 23,800,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places.$ 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 Entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. 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. 88 Dec. 31

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