It’s: c) heading! hope this helps
Answer:
depletion expense recognize over the first year: 400,000 dollars
Explanation:
it cost 2,500,000 the right to extract 10,000 tons
To obtain therate we divide the cost over the expected tons of materials
rate per ton: 2,500,000 / 10,000 = 250 dollars
Now we calculate the depletion based on the amount extracted on the first year:
<em>first year extractions: </em>1,600 tons
depletion expense: 1,600 tons x 250 dollars = <em>400,000</em>
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Answer:
Explanation:
The journal entry is shown below:
Cash A/c Dr $2,480
To Interest receivable $60
To Interest revenue $20
To Note receivable $2,400
(Being the collection of funds is recorded)
The computation of interest receivable is shown below:
= Principal × rate of interest × number of months ÷ (total number of months in a year)
= $2,400 × 10% × (3 months ÷ 12 months)
= $60
And for interest revenue would be
= Principal × rate of interest × number of months ÷ (total number of months in a year)
= $2,400 × 10% × (1 months ÷ 12 months)
= $20
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