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. B. Journalize the adjusting entry on December 31 to recognize the depletion expense.
Corporate Financial Accounting
Corporate Financial Accounting
Solutions
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.
B. Journalize the adjusting entry on December 31 to recognize the depletion expense.
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