ACCT 102Please show ur calculations, thank you! Salter Mining Co. purchased the Northern Tier Mine for $61 million cash. The mine was estimated to contain 6.82 million tons of oreand to have a residual value of $9 million.During the first year of mining operations at the Northern Tier Mine, 80,000 tons of ore were mined, of which 16,000 tons were sold.a. Prepare a journal entry to record depletion during the year.b. Show how the Northern Tier, and its accumulated depletion, would appear in Salter Mining Co. balance sheet after the first year ofoperations.Complete this question by entering your answers in the tabs below.Required ARequired BShow how the Northan Tier Mine, and its accumulated depletion, would appear in Salter Mining Company's balance sheetafter the first year of operations. (Round your intermediate calculations to two decimal places. Amounts to be deductedshould be indicated by a minus sign.)Salter Mining CompanyBalance Sheet (Partial)Property, plant, & equipment< Required ARequired B > Salter Mining Co. purchased the Northern Tier Mine for $61 million cash. The mine was estimated to contain 6.82 million tons of oreand to have a residual value of $9 million.During the first year of mining operations at the Northern Tier Mine, 80,000 tons of ore were mined, of which 16,000 tons were sold.a. Prepare a journal entry to record depletion during the year.b. Show how the Northern Tier, and its accumulated depletion, would appear in Salter Mining Co. balance sheet after the first year ofoperations.Complete this question by entering your answers in the tabs below.Required ARequired BPrepare a journal entry to record depletion during the year. (Round. your intermediate calculations to two decimal places. If no entry isrequired for a transaction/event, select "No journal entry required" in the first account field.)View transaction listJournal entry worksheet1.Record the depletion on the Northern Tier Mine.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1

Journal entry - It refers to the process where the business transactions are recorded in the books…

Salter Mining Co. purchased the Northern Tier Mine for $61 million cash. The mine was estimated to contain 6.82 million tons of ore and to have a residual value of $9 million. During the first year of mining operations at the Northern Tier Mine, 80,000 tons of ore were mined, of which 16,000 tons were sold. a. Prepare a journal entry to record depletion during the year. b. Show how the Northern Tier, and its accumulated depletion, would appear in Salter Mining Co. balance sheet after the first year of operations. Complete this question by entering your answers in the tabs below. Required A Required B Show how the Northan Tier Mine, and its accumulated depletion, would appear in Salter Mining Company's balance sheet after the first year of operations. (Round your intermediate calculations to two decimal places. Amounts to be deducted should be indicated by a minus sign.) Salter Mining Company Balance Sheet (Partial) Property, plant, & equipment

Salter Mining Co. purchased the Northern Tier Mine for $61 million cash. The mine was estimated to contain 6.82 million tons of ore and to have a residual value of $9 million. During the first year of mining operations at the Northern Tier Mine, 80,000 tons of ore were mined, of which 16,000 tons were sold. a. Prepare a journal entry to record depletion during the year. b. Show how the Northern Tier, and its accumulated depletion, would appear in Salter Mining Co. balance sheet after the first year of operations. Complete this question by entering your answers in the tabs below. Required A Required B Show how the Northan Tier Mine, and its accumulated depletion, would appear in Salter Mining Company's balance sheet after the first year of operations. (Round your intermediate calculations to two decimal places. Amounts to be deducted should be indicated by a minus sign.) Salter Mining Company Balance Sheet (Partial) Property, plant, & equipment

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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