QS 8-13 (Algo) Natural resources and depletion LO P3 Perez Company acquires an ore mine at a cost of $2,380,000. It incurs additional costs of $666,400 to access the mine, which is estimated to hold 1,700,000 tons of ore 215,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $340,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal Calculate the depletion expense from the information given. (Round "Depletion per unit" to 3 decimal places.) Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit Units extracted and sold in period Depletion expense Depletion Expense General Journal >

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QS 8-13 (Algo) Natural resources and depletion LO P3
Perez Company acquires an ore mine at a cost of $2,380,000. It incurs additional costs of $666,400 to access the mine, which is
estimated to hold 1,700,000 tons of are. 215,000 tons of ore are mined and sold the first year. The estimated value of the land after the
ore is removed is $340,000. Calculate the depletion expense from the information given.
1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry.
Complete this question by entering your answers in the tabs below.
Depletion
Expense
General
Journal
Calculate the depletion expense from the information given. (Round "Depletion per unit" to 3 decimal places.)
Cost
Salvage
Amount subject to depletion
Total units of capacity
Depletion per unit
Units extracted and sold in period
Depletion expense
<Depletion Expense
General Journal >
Transcribed Image Text:QS 8-13 (Algo) Natural resources and depletion LO P3 Perez Company acquires an ore mine at a cost of $2,380,000. It incurs additional costs of $666,400 to access the mine, which is estimated to hold 1,700,000 tons of are. 215,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $340,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal Calculate the depletion expense from the information given. (Round "Depletion per unit" to 3 decimal places.) Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit Units extracted and sold in period Depletion expense <Depletion Expense General Journal >
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