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Backwoods Mining Co. acquired mineral rights for $24,213,000. The mineral deposit is estimated at 115,300,000 tons. During the current year, 17,300,000 tons were mined and sold. Question Content Area a.  Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. $fill in the blank 28702f06cfb3013_1   Question Content Area 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. blank   - Select - - Select -     - Select - - Select -

Backwoods Mining Co. acquired mineral rights for $24,213,000. The mineral deposit is estimated at 115,300,000 tons. During the current year, 17,300,000 tons were mined and sold. Question Content Area a.  Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. $fill in the blank 28702f06cfb3013_1   Question Content Area 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. blank   - Select - - Select -     - Select - - Select -

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 12SPA: DEPLETION: CALCULATING AND JOURNALIZING Mineral Works Co. acquired a salt mine at a cost of...
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Depletion Entries

Backwoods Mining Co. acquired mineral rights for $24,213,000. The mineral deposit is estimated at 115,300,000 tons. During the current year, 17,300,000 tons were mined and sold.

Question Content Area

a.  Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places.
$fill in the blank 28702f06cfb3013_1

 

Question Content Area

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.

blank
 
 - Select - - Select -
 
 
 - Select - - Select -
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