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NISA [10]
3 years ago
8

Knowledge Check 02 Mountain Top, Inc., owns a coal mine with a depletion rate of $4 per ton of coal. A total of 100,000 tons wer

e mined, but only 80,000 tons were sold during the current year. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. Date Account Title Debit Credit Dec. 31
Business
1 answer:
Goryan [66]3 years ago
3 0

Answer:

Explanation:

The journal entry is shown below:

Depletion expense A/c Dr $320,000

Coal inventory A/c $80,000

     To Accumulated depletion $400,000

(Being the entry is recorded)

The computations are shown below:

1. For Depletion expense

= 80,000 tons × $4 per ton of coal

= $320,000

2. For accumulated depreciation

= 100,000 tons × $4 per ton of coal

= $400,000

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2 years ago
10. If you must calculate the present value of an amount at 12% compounded quarterly for 2 years, then the interest factor used
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Answer:

Rate of interest will be 3 %

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