This has not been previously answered. Please only answer the amount fields.Thank you agenow.com/ilmn/takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator=&inprogress=... A deBookDepletionIntra-Spect Mining Co. acquired mineral rights for $70,000,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 10,500,000 tons weremined and sold.a. Determine the depletion rate. If required, round your answer to two decimal places.$per tonb. Determine the amount of depletion expense for the current year.FeedbackShow Me How▾ Check My WorkSimilar to the units-of-production method to depreciate a fixed asset, the depletion rate that is calculated stays constant no matter how much of the naturalresource is extracted.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 ExpenseAccumulated DepletionFeedbackFeedbackCheck My WorkSimilar to the journal entry to record depreciation, the journal entry to record depletion affects a contra asset account.Check My WorkVPreviousGNext

a. Depletion rate = $70,000,000 / 50,000,000 = $1.40 per ton b. Amount of depletion expense for the…

Intra-Spect Mining Co. acquired mineral rights for $70,000,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 10,500,000 tons wen mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. $ per ton b. Determine the amount of depletion expense for the current year. Feedback Check My Work Similar to the units-of-production method to depreciate a fixed asset, the depletion rate that is calculated stays constant no matter how much of the natural resource is extracted. 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 Accumulated Depletion

Intra-Spect Mining Co. acquired mineral rights for $70,000,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 10,500,000 tons wen mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. $ per ton b. Determine the amount of depletion expense for the current year. Feedback Check My Work Similar to the units-of-production method to depreciate a fixed asset, the depletion rate that is calculated stays constant no matter how much of the natural resource is extracted. 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 Accumulated Depletion

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 6PB: Underwoods Miners recently purchased the rights to a diamond mine. It is estimated that there are...

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Underwoods Miners recently purchased the rights to a diamond mine. It is estimated that there are two million tons of ore within the mine. Underwoods paid $46,000,000 for the rights and expects to harvest the ore over the next fifteen years. The following is the expected extraction for the next five years. Year 1: 50,000 tons Year 2: 900,000 tons Year 3: 400,000 tons Year 4: 210,000 tons Year 5: 150,000 tons Calculate the depletion expense for the next five years and create the journal entry for year one.
Solare Company acquired mineral rights for $285,300,000. The diamond deposit is estimated at 31,700,000 tons. During the current year, 4,700,000 tons were mined and sold. Question Content Area a. Determine the depletion rate. $fill in the blank b14fe7fa701ffba_1 per ton b. Determine the amount of depletion expense for the current year. $fill in the blank b14fe7fa701ffba_2 Question Content Area c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select -
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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…
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
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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…
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> Solare Company acquired mineral rights for $202,400,000. The diamond deposit is estimated at 18,400,000 tons. During the current year, 3,840,000 tons were mined and sold. a. Determine the depletion rate. per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. December 31 8 ?