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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
| fill in the blank 992307fa407e04c_2 | fill in the blank 992307fa407e04c_3 | ||
| fill in the blank 992307fa407e04c_5 | fill in the blank 992307fa407e04c_6 |
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Journal is a place where accounting transactions are listed in the book keeping system before ledger accounts.
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