Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Question
Chapter 9, Problem 19E
A.
To determine
Determine the amount of the depletion expense for the current year.
B.
To determine
Journalize the
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Depletion Entries
Alaska Mining Co. acquired mineral rights for $13,280,000. The mineral deposit is estimated at 66,400,000 tons. During the current year, 9,950,000 tons were mined
and sold.
a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places.
b. Journalize the adjusting entry on December 31 to recognize the depletion expense.
Accumulated Depletion
Depletion Expense
Depletion Entries
Alaska Mining Co. acquired mineral rights for $16,780,000. The mineral deposit is estimated at 83,900,000 tons. During the current year, 12,600,000 tons were mined
and sold.
a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places.
b. Journalize the adjusting entry on December 31 to recognize the depletion expense.
Alaska Mining Co. acquired mineral rights for $24,992,000. The mineral deposit is estimated at 113,600,000 tons. During the current year, 17,050,000 tons were mined and sold. A. Determine the amount of delpletion expense for the current year. Round the depletion rate to two decimal rates. B. Journalize the adjacent entry on December 31 to recognize the depletion expenses. If an amount box does not require an entry, leave blank.
Chapter 9 Solutions
Financial And Managerial Accounting
Ch. 9 - ONeil Office Supplies has a fleet of automobiles...Ch. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Keyser Company purchased a machine that has a...Ch. 9 - Prob. 7DQCh. 9 - A. Under what conditions is the use of an...Ch. 9 - Prob. 9DQCh. 9 - Prob. 10DQ
Ch. 9 - Straight-line depreciation A building acquired at...Ch. 9 - Units-of-activity depreciation A truck acquired at...Ch. 9 - Double-declining-balance depreciation A building...Ch. 9 - Revision of depreciation Equipment with a cost of...Ch. 9 - Capital and revenue expenditures On February 14,...Ch. 9 - Sale of equipment Equipment was acquired at the...Ch. 9 - Prob. 7BECh. 9 - Prob. 8BECh. 9 - Fixed asset turnover ratio Select financial...Ch. 9 - Costs of acquiring fixed assets Melinda Stoffers...Ch. 9 - Prob. 2ECh. 9 - Prob. 3ECh. 9 - Nature of depreciation Tri-City Ironworks Co....Ch. 9 - Straight-line depreciation rates Convert each of...Ch. 9 - Straight-line depreciation A refrigerator used by...Ch. 9 - Depreciation by units-of-activity method A...Ch. 9 - Depreciation by units-of-activity method Prior to...Ch. 9 - Depreciation by two methods A Kubota tractor...Ch. 9 - Depreciation by two methods A storage tank...Ch. 9 - Partial-year depreciation Equipment acquired at a...Ch. 9 - Revision of depreciation A building with a cost of...Ch. 9 - Prob. 13ECh. 9 - Prob. 14ECh. 9 - Prob. 15ECh. 9 - Capital expenditure and depreciation Willow Creek...Ch. 9 - Entries for sale of fixed asset Equipment acquired...Ch. 9 - Disposal of fixed asset Equipment acquired on...Ch. 9 - Prob. 19ECh. 9 - Kleen Company acquired patent rights on January 10...Ch. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Asset traded for similar asset A printing press...Ch. 9 - Prob. 24ECh. 9 - Prob. 25ECh. 9 - Prob. 26ECh. 9 - Prob. 1PACh. 9 - Comparing three depreciation methods Dexter...Ch. 9 - Depreciation by three methods; partial years...Ch. 9 - Depreciation by two methods; sale of fixed asset...Ch. 9 - Transactions for fixed assets, including sale The...Ch. 9 - Prob. 6PACh. 9 - Prob. 1PBCh. 9 - Comparing three depreciation methods Waylander...Ch. 9 - Depreciation by three methods; partial years...Ch. 9 - Depreciation by two methods; sale of fixed asset...Ch. 9 - Transactions for fixed assets, including sale The...Ch. 9 - Prob. 6PBCh. 9 - Compare Amazon.com to Netflix Amazon.com, Inc....Ch. 9 - Prob. 2MADCh. 9 - Prob. 3MADCh. 9 - Compare Fed Ex and UPS FedEx Corporation (FDX) and...Ch. 9 - Prob. 5MADCh. 9 - Revising depreciation estimates Hard Bodies Co. is...Ch. 9 - Communication Godwin Co. owns three delivery...Ch. 9 - Prob. 4TIF
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Similar questions
- Depletion Entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places. Feedback Check My Work b. Journalize the adjusting entry on December 31 to recognize the depletion expense. Dec. 31 Depletion Expense Accumulated Depletionarrow_forwardDepletion entries Alaska Mining Co. acquired mineral rights for $17,575,000. The mineral deposit is estimated at 92,500,000 tons. During the current year, 13,900,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. LA b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. December 31 00 ******arrow_forwardDepletion Entries Alaska Mining Co. acquired mineral rights for $20,587,000. The mineral deposit is estimated at 121,100,000 tons. During the current year, 18,150,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. 17 x Feedback b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Depletion Expense Accumulated Depletion v Feedhackarrow_forward
- Depletion Entries Alaska Mining Co. acquired mineral rights for $20,864,000. The mineral deposit is estimated at 130,400,000 tons. During the current year, 19,550,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places.$ b. Journalize the adjusting entry on December 31 to recognize the depletion expense. accumulated depletion cash depletion expense depletion payable mineral rights repairs and mantenance expense 2. Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $35,904. The carpet is estimated to have a 17-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the…arrow_forwardDepletion Glacier Mining Co. acquired mineral rights for $494,000,000. The mineral deposit is estimated at 475,000,000 tons. During the current year, 31,500,000 tons were mined and sold. a. Determine the depletion rate. Round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. %24 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. in Dec. 31arrow_forwardCooke City Mining Co. acquired mineral rights for $50,000,000. The mineral deposit is estimated at 125,000,000 tons. During the current year, 42,385,000 tons were mined and sold. a. Determine the depletion rate. b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry on December 31 to recognize the depletion expense.arrow_forward
- Subject:arrow_forwardCaldwell Mining Co. acquired mineral rights for $127,500,000. The mineral deposit is estimated at 425,000,000 tons. During the current year, 42,000,000 tons were mined and sold.a. Determine the depletion rate.b. Determine the amount of depletion expense for the current year.c. Journalize the adjusting entry on December 31 to recognize the depletion expense.arrow_forwardGlacier Mining Co. acquired mineral rights for $311,250,000. The mineral deposit is estimated at 415,000,000 tons. During the current year, 40,479,000 tons were mined and sold. A. Determine the depletion rate. Round your answer to two decimal places. B. Determine the amount of depletion expense for the current year. C. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles. A. Determine the depletion rate. Round your answer to two decimal places. per ton B. Determine the amount of depletion expense for the current year.arrow_forward
- Hidden Hollow Mining Co. acquired mineral rights for $63,750,000. The mineral deposit is estimated at 75,000,000 tons. During the current year, 17,250,000 tons were mined and sold a. Determine the depletion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. 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 Accumulated Depletion Accumulated Depreciation Depletion Expense Depreciation Expense Cash Mineral Depositarrow_forwardDepletion Down Deep Mining Co. acquired mineral rights for $52,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 8,400,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. 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. 31arrow_forwardDepletion Hidden Hollow Mining Co. acquired mineral rights for $50,750,000. The mineral deposit is estimated at 35,000,000 tons. During the current year, 7,700,000 tons were mined and sold, a. Determine the depletion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry on December 31 to recognize the depletion expense. Dec. 31arrow_forward
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