DepletionPrepare the following entries using a general journal:1. A coal mine was acquired at a cost of $1,500,000 and estimated to contain6,000,000 tons of ore. No salvage value is expected. During the year, 100,000 tonswere mined and sold. Prepare the journal entry for the year's depletion expense.Page: 1DOC. POST.DATEACCOUNT TITLEDEBIT CREDITNO. REF.20--Dec. 3122332. A silver mine was acquired at a cost of $3,000,000 and estimated to contain 750,000tons of ore. No salvage value is expected. During the year, 125,000 tons were minedand sold. Prepare the journal entry for the year's depletion expense.Page: 1DOC. POST.NO. REF.DATEACCOUNT TITLEDEBITCREDIT20--Dec. 3123300

journal entry for deletion expenses are as follows

Depletion Prepare the following entries using a general journal: 1. A coal mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. No salvage value is expected. During the year, 100,000 tons were mined and sold. Prepare the journal entry for the year's depletion expense. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- Dec. 31 2. 2. 3 3

Depletion Prepare the following entries using a general journal: 1. A coal mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. No salvage value is expected. During the year, 100,000 tons were mined and sold. Prepare the journal entry for the year's depletion expense. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- Dec. 31 2. 2. 3 3

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 6SEB

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Hidden Hollow Mining Co. acquired mineral rights for S69,000,000. The mineral deposit is estimated at 60,000,000 tons. During the current year, 13,200,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. Sfill in the blank d39a0a00ffc1f93_1 per ton b. Determine the amount of depletion expense for the current year. Sfill in the blank d39a0a00ffc1f93_2
Depletion: Calculating and Journalizing Mineral Works Co. acquired a salt mine at a cost of $1,925,000, with no expected salvage value. The estimated number of units available for production from the mine is 3,500,000 tons. a. During the first year, 220,000 tons are mined and sold. b. During the second year, 290,000 tons are mined and sold. Required: 1. Calculate the amount of depletion expense for both years. Year 1 Year 2 2. Prepare general journal entries for depletion expense. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1 Year 1 1 2 3 3 4 Year 2 4 5
Hidden Hollow Mining Co. acquired mineral rights for $42,500,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 11,500,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places.$fill in the blank 91e68b00e031f88_1 per ton b. Determine the amount of depletion expense for the current year.$fill in the blank 91e68b00e031f88_2 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. Dec. 31 fill in the blank 346c5df8f020fe0_2 fill in the blank 346c5df8f020fe0_3 fill in the blank 346c5df8f020fe0_5 fill in the blank 346c5df8f020fe0_6
Intra-Spect Mining Co. acquired mineral rights for $52,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 9,200,000 tons were mined and sold. Question Content Areaa. Determine the depletion rate. If required, round your answer to two decimal places.$fill in the blank 6865550bc008074_1 per ton b. Determine the amount of depletion expense for the current year.$fill in the blank 6865550bc008074_2Question Content Areac. 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 - Select -- Select - - Select -- Select - eBook Show Me How Question Content Area Impaired Goodwill and Amortization of Patent 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…
Quavo Mining Co. acquired mineral rights for $16,500,000. The mineral deposit is estimated at 36,500,000 tons. During the current year, 10,037,500 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Do not round intermediate calculation and round your answer to nearest whole value.$fill in the blank 1 b. Illustrate the effects on the accounts and financial statements of the depletion expense. For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Balance Sheet Assets = Liabilities + Stockholders' Equity - Accumulated depletion + No effect = No effect + Retained earnings fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Statement of Cash Flows Income Statement No effect fill in the blank 11 Depletion expense…
Backwoods Mining Co. acquired mineral rights for $17,094,000. The mineral deposit is estimated at 122,100,000 tons. During the current year, 18,300,000 tons were mined and sold. Question Content Area a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places.$fill in the blank 512120f9bfd801e_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 Depletion Expense Depletion Expense Accumulated Depletion Accumulated Depletion Feedback Area Feedback Similar to the journal entry to record depreciation, the journal entry to record depletion affects a contra asset account
Depletion: Calculating and Journalizing Mineral Works Co. acquired a salt mine at a cost of $1,700,000, with no expected salvage value. The estimated number of units available for production from the mine is 3,400,000 tons. a. During the first year, 200,000 tons are mined and sold. b. During the second year, 600,000 tons are mined and sold. Required: 1. Calculate the amount of depletion expense for both years. Year 1 Year 2 2. Prepare general journal entries for depletion expense. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 1 Year 1 2 3 3 4 Year 2 4 5 6 6
takeAssign SessionLocator assign... A 合 Computer equipment was acquired at the beginning of the year at a cost of $50,800 that has an estimated residual value of $4,300 and an estimated useful life of 5 years. a. Determine the depreciable cost. b. Determine the straight-line rate. % c. Determine the annual straight-line depreciation. $ Previous Next>
Calculate the Total Cost, total, depreciation and annual depreceation for the following assets by using the line method. (Round to Straight nearest Cent) Cost 76,400 1,500 Shipping Charges Annust Total Cost Salunge Value Useful Depreciation Depreistion 4,500 life ↑ years 11
Depletion Hidden Hollow Mining Co. acquired mineral rights for $69,000,000. The mineral deposit is estimated at 60,000,000 tons. During the current year, 13,200,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places.$fill in the blank d39a0a00ffc1f93_1 per ton b. Determine the amount of depletion expense for the current year.$fill in the blank d39a0a00ffc1f93_2 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. Dec. 31 Depletion Expense fill in the blank 1c7c11ffcfaff92_2 fill in the blank 1c7c11ffcfaff92_3 Accumulated Depletion fill in the blank 1c7c11ffcfaff92_5 fill in the blank 1c7c11ffcfaff92_6
Equipment acquired on January 8 at a cost of $139,100 has an estimated useful life of 16 years, has an estimated residual value of $8,700, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Feedback b. Assume that the equipment was sold on April 1 of the fifth year for $98,242. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. Depreciation Expense-Equipment v Accumulated Depreciation-Equipment Feedback 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment y Equipment 00 00 0000
Depletion Entries Backwoods Mining Co. acquired mineral rights for $18,662,000. The mineral deposit is estimated at 133,300,000 tons. During the current year, 20,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places.$fill in the blank 3fa0f8fd101500a_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. fill in the blank 992307fa407e04c_2 fill in the blank 992307fa407e04c_3 fill in the blank 992307fa407e04c_5 fill in the blank 992307fa407e04c_6