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STALIN [3.7K]
2 years ago
5

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 decimal places. $fill in the blank ed11a103ff82045_1 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. Dec. 31 fill in the blank 396e8209705d02e_2 fill in the blank 396e8209705d02e_3 fill in the blank 396e8209705d02e_5 fill in the blank 396e8209705d02e_6
Business
1 answer:
Ierofanga [76]2 years ago
5 0

Answer: See explanation

Explanation:

a. Determine the amount of depletion expense for the current year.

First, we've to calculate the depletion rate per unit which will be:

= $67,500,000 / 30,000,000

= $2.25

Then, the depletion expense will be:

= $2.25 × 4,000,000

= $9,000,000

b. Journalize the adjusting entry on December 31 to recognize the depletion expense.

Debit Depletion expense $9,000,000

Credit Accumulated depreciation $9,000,000

(Being depletion of 4,000,000 tons)

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Answer:

You would pay approximately $35.00 today

Explanation:

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5 0
3 years ago
Which is not one of the five basic elements of aâ paragraph?
Oduvanchick [21]
The Five Basic Elements of a Paragraph:

1. Unity

2. Development 

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5. Topic Sentence

Answer: A. Spelling

hope this helps!

3 0
3 years ago
Leker exchanged real property that was used exclusively for business and had an adjusted tax basis of $20,000 for new real prope
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Answer:

$17,000

Explanation:

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To calculate the new basis, subtract the $3000 recieved in cash from the new property.

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The transaction of Leker to exchange a real property for another led to a loss: Meaning a Property of $20,000 was exchanged for a property of $10,000+ $3,000 (cash)= $13,000

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6 0
3 years ago
It is claimed that mutual funds have two advantages. The first is that mutual funds allow people with small amounts of money to
romanna [79]

Answer:

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3 years ago
Which of the following is consistent with effective internal control over sales transactions?A. The accounting department prepar
JulijaS [17]

Answer:

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