This has not been previously answered. Please only answer the amount fields.Thank you agenow.com/ilmn/takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator=&inprogress=... A deBookDepletionIntra-Spect Mining Co. acquired mineral rights for $70,000,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 10,500,000 tons weremined and sold.a. Determine the depletion rate. If required, round your answer to two decimal places.$per tonb. Determine the amount of depletion expense for the current year.FeedbackShow Me How▾ Check My WorkSimilar to the units-of-production method to depreciate a fixed asset, the depletion rate that is calculated stays constant no matter how much of the naturalresource is extracted.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 ExpenseAccumulated DepletionFeedbackFeedbackCheck My WorkSimilar to the journal entry to record depreciation, the journal entry to record depletion affects a contra asset account.Check My WorkVPreviousGNext

a. Depletion rate = $70,000,000 / 50,000,000 = $1.40 per ton b. Amount of depletion expense for the…

Intra-Spect Mining Co. acquired mineral rights for $70,000,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 10,500,000 tons wen 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. Feedback Check My Work Similar to the units-of-production method to depreciate a fixed asset, the depletion rate that is calculated stays constant no matter how much of the natural resource is extracted. 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 Expense Accumulated Depletion

Intra-Spect Mining Co. acquired mineral rights for $70,000,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 10,500,000 tons wen 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. Feedback Check My Work Similar to the units-of-production method to depreciate a fixed asset, the depletion rate that is calculated stays constant no matter how much of the natural resource is extracted. 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 Expense Accumulated Depletion

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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