Depletion 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 v Accumulated Depletion v

Depletion 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 v Accumulated Depletion v

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 4SEQ

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