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Hidden Hollow Mining Co. acquired mineral rights for $42,500,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 11,500,000 tons were mined and sold. a.  Determine the depletion rate. If required, round your answer to two decimal places. $fill in the blank 91e68b00e031f88_1 per ton b.  Determine the amount of depletion expense for the current year. $fill in the blank 91e68b00e031f88_2 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   fill in the blank 346c5df8f020fe0_2 fill in the blank 346c5df8f020fe0_3     fill in the blank 346c5df8f020fe0_5 fill in the blank 346c5df8f020fe0_6

Hidden Hollow Mining Co. acquired mineral rights for $42,500,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 11,500,000 tons were mined and sold. a.  Determine the depletion rate. If required, round your answer to two decimal places. $fill in the blank 91e68b00e031f88_1 per ton b.  Determine the amount of depletion expense for the current year. $fill in the blank 91e68b00e031f88_2 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   fill in the blank 346c5df8f020fe0_2 fill in the blank 346c5df8f020fe0_3     fill in the blank 346c5df8f020fe0_5 fill in the blank 346c5df8f020fe0_6

FINANCIAL ACCOUNTING
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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Hidden Hollow Mining Co. acquired mineral rights for $42,500,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 11,500,000 tons were mined and sold.

a.  Determine the depletion rate. If required, round your answer to two decimal places.
$fill in the blank 91e68b00e031f88_1 per ton

b.  Determine the amount of depletion expense for the current year.
$fill in the blank 91e68b00e031f88_2

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   fill in the blank 346c5df8f020fe0_2 fill in the blank 346c5df8f020fe0_3
    fill in the blank 346c5df8f020fe0_5 fill in the blank 346c5df8f020fe0_6
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