Could really use some help with this problem on Wileyplus (a2)Prepare the journal entry to record depletion. (Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitDec. 31 E Homework 8: PP&E Ch 9Question 6 of 9< >0.33 / 1View PoliciesShow Attempt HistoryCurrent Attempt in ProgressOn July 1, 2022, Blue Spruce Corp. invested $689,920 in a mine estimated tohave 784,000 tons of ore of uniform grade. During the last 6 months of 2022, 121,000 tons ofore were mined.(a1)Your answer is correct.Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)Depletion cost per unit$0.88eTextbook and MediaList of AccountsAttempts: 1 of 3 used

Total depletion expense = Depletion cost per unit x No. of tons mined = $0.88 x 121,000 tons = $106,480 Date Account Titles and Explanation Debit Credit Dec. 31 Depletion expense $106,480 Accumulated Depletion $106,480

Business

Accounting

On July 1, 2022, Blue Spruce Corp. invested $689,920 in a mine estimated to have 784,000 tons of ore of uniform grade. During the last 6 months of 2022, 121,000 tons of ore were mined. (a1) Your answer is correct. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ 0.88

On July 1, 2022, Blue Spruce Corp. invested $689,920 in a mine estimated to have 784,000 tons of ore of uniform grade. During the last 6 months of 2022, 121,000 tons of ore were mined. (a1) Your answer is correct. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ 0.88

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Give me a conclusion paragraph about the impact of AI in Accounting
Give me a research methodology.
Analyze AIS development
how do you calculat mpg in excel?
What does data cleansing mean?
Managed CDOs is designed for what?
Discuss a monetization model that would work for the app.
Why is the object-oriented approach particularly suited to ERP system design?
is there a way to do this question with formulas and a calculator instead of excel? if so please upload the solution this way
Briefly explain the importance of conceptual or internal mapping in DBMS
Explain “EPS computation”.
Give me an example of ledger?