Intra-Spect Mining Co. acquired mineral rights for $52,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 9,200,000 tons were mined and sold. Question Content Area a. Determine the depletion rate. If required, round your answer to two decimal places. $fill in the blank 6865550bc008074_1 per ton b. Determine the amount of depletion expense for the current year. $fill in the blank 6865550bc008074_2 Question Content Area c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.
Intra-Spect Mining Co. acquired mineral rights for $52,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 9,200,000 tons were mined and sold.
Question Content Area
a. Determine the depletion rate. If required, round your answer to two decimal places.
$fill in the blank 6865550bc008074_1
per ton
b. Determine the amount of depletion expense for the current year.
$fill in the blank 6865550bc008074_2
Question Content Area
c. Journalize the
Dec. 31
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Question Content Area
Impaired
On April 1, a patent with an estimated useful economic life of 12 years was acquired for $115,200. In addition, on December 31, it was estimated that goodwill of $51,500 was impaired.
Question Content Area
a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank.
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Question Content Area
b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank.
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Question Content Area
c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank.
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