Bramble Corporation acquires a coal mine at a cost of $456,000. Intangible development costs total $114,000. After extraction has occurred, Bramble must restore the property (estimated fair value of the obligation is $91,200), after which it can be sold for $182,400. Bramble estimates that 4,560 tons of coal can be extracted. If 798 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount

On March 1, 2024, a company entered into an agreement with the state to obtain the rights to operate a mineral mine for $6 million. The mine is expected to produce 155,000 tons of mineral. As part of the agreement, the company agrees to restore the land to its original condition after mining operations are completed in approximately five years. Management has provided the following possible outflows for the restoration costs that will occur five years from now: (PV of $1. PVA of $1) Cash Outflow $ 520,000 675,000 830,000 Probability 20% 30% 50% The company's credit-adjusted risk-free interest rate is 9%. During 2024, the company extracted 27,900 tons of ore from the mine. How much accretion expense will the company record in its income statement for the 2024 calendar year? Multiple Choice

On January 1, 2018, Spring Co. purchased a land for $12,000,000. Thecompany expected to extract 2,000,000 tons of mine from this land overthe next 20 years at which time, the residual value of the asset shall bezero. During 2018 and 2019 operations, 60,000 tons were mined each yearand sold for P80 per ton. The estimate of the remaining lifetime capacityof the mine was raised to 2,400,000 tons at the start of 2020 and theresidual value was to be $960,000. How much should be recognized asdepletion in 2020 if the total production for 2020 is 100,000 tons?

Depletion Expense Prepare the entry to record the cost of the ore mine and year-end adjusting entry. General Journal View transaction list Journal entry worksheet < A B Record the cost of the ore mine in cash. Transaction 1 Note: Enter debits before credits. General Journal Debit Credit