On July 1, 2022, Martinez Inc. invested $813,830 in a mine estimated to have 839,000 tons of ore of uniform grade. During the last 6 months of 2022, 103,000 tons of ore were mined. Calculate depletion cost per unit. (Round answer to 2 decimal places, eg. 0.50) Depletion cost per unit
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- On July 1, 2020, Novak Inc. invested $824,180 in a mine estimated to have 841,000 tons of ore of uniform grade. During the last 6 months of 2020, 139,000 tons of ore were mined. (a1) Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unitOn July 1, 2020, Sunland Company invested $624,890 in a mine estimated to have 791,000 tons of ore of uniform grade. During the last 6 months of 2020, 125,000 tons of ore were mined. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ ? PART 2: Prepare the journal entry to record depletion. (Credit account titles are automatically indented 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.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount PART 3: Assume that the 125,000 tons of ore were mined, but only 76,000 units were sold. Indicate how are the costs applicable to the…On July 1, 2020, Splish Brothers Inc. invested $640,710 in a mine estimated to have 791,000 tons of ore of uniform grade. During the last 6 months of 2020, 102,000 tons of ore were mined. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Prepare the journal entry to record depletion. (Credit account titles are automatically indented 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.) Assume that the 102,000 tons of ore were mined, but only 79,000 units were sold. Indicate how are the costs applicable to the 23,000 unsold units reported? The costs pertaining to the unsold units are reported in _________ as part of __________ at $ __________.
- 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_6Hidden Hollow Mining Co. acquired mineral rights for $69,000,000. The mineral deposit is estimated at 60,000,000 tons. During the current year, 13,200,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. Sfill in the blank d39a0a00ffc1f93_1 per tonEarth's Treasures Mining Co. acquired mineral rights for $37,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 9,300,000 tons were mined and sold. Question Content Area a. Determine the depletion rate. If required, round your answer to two decimal places.fill in the blank 1 of 1$ per ton b. Determine the amount of depletion expense for the current year.fill in the blank 1 of 1$ Feedback Area Feedback Question Content Area 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. Date Account Debit Credit December 31
- The Weber Company purchased a mining site for $674,927 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 87,066 tons will be recovered. During the first year the company extracted 4,680 tons of ore. The depletion expense is a.$36,270.00 b.$62,964.00 c.$33,844.61 d.$45,287.00Intra-Spect Mining Co. acquired mineral rights for $52,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 9,200,000 tons were mined and sold. Question Content Areaa. Determine the depletion rate. If required, round your answer to two decimal places.$fill in the blank 6865550bc008074_1 per ton b. Determine the amount of depletion expense for the current year.$fill in the blank 6865550bc008074_2Question Content Areac. 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 - Select -- Select - - Select -- Select - eBook Show Me How Question Content Area Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $115,200. In addition, on December 31, it was estimated that goodwill of $51,500 was impaired. Question Content Area a. Record the acquisition of patent. If…Novak Corp. purchased for $5,829,200 a mine that is estimated to have 44,840,000 tons of ore and no salvage value. In the first year, 7,080,000 tons of ore are extracted. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ eTextbook and Media List of Accounts per ton Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
- Weber Company purchased a mining site for $690,727 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 86,719 tons will be recovered. The estimated residual value of the property is $40,504. During the first year, the company extracted 5,948 tons of ore. The depletion expense is a.$65,022.30 b.$44,598.37 c.$47,376.52 d.$40,504.00Quavo Mining Co. acquired mineral rights for $21,477,500. The mineral deposit is estimated at 69,500,000 tons. During the current year, 6,950,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round intermediate calculations to two decimal places and use rounded amounts in subsequent calculations. Round your answer to the nearest dollar. 2,154,500 b. Illustrate the effects on the accounts and financial statements of the depletion expense. Enter account decreases, cash outflows, and the income statement effects that decrease net income as negative amounts. However, for contra asset accounts, enter account increases as a negative value. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Financial Statement Effects Balance Sheet Assets Liabilities + Stockholders' Equity Mineral rights Accumulated depletion No effect + Retained earnings -2,154,500 X 2,154,500 X…Sheffield Corp. purchased for $8,719,200 a mine that is estimated to have 48,440,000 tons of ore and no salvage value. In the first year, 8,350,000 tons of ore are extracted. (a1) Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. O.50.) Depletion cost per unit $ per ton eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer