Waterway Corporation acquires a coal mine at a cost of $ 476,000. Intangible development costs total $ 119,000. After extraction has occurred, Waterway must restore the property (estimated fair value of the obligation is $ 95,200), after which it can be sold for $ 190,400. Waterway estimates that 4,760 tons of coal can be extracted. If 833 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Can I get help with the proper/specific account names please? I got them wrong when I tried myself.
Waterway Corporation acquires a coal mine at a cost of $ 476,000. Intangible development costs total $ 119,000. After extraction has occurred, Waterway must restore the property (estimated fair value of the obligation is $ 95,200), after which it can be sold for $ 190,400. Waterway estimates that 4,760 tons of coal can be extracted.
If 833 tons are extracted the first year, prepare the
Can I get help with the proper/specific account names please? I got them wrong when I tried myself.
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