Intra-Spect Mining Co. acquired mineral rights for $78,000,000. The mineral deposit is estimated at 60,000,000 tons. During the current year, 13,800,000 tons we 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. 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. 88 Dec. 31

Depletion Entries Backwoods Mining Co. acquired mineral rights for $53,200,000. The mineral deposit is estimated at 19,000,000 tons. During the current year, 2,500,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. 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. Dec. 31

Backwoods Mining Co. acquired mineral rights for $53,200,000. The mineral deposit is estimated at 19,000,000 tons. During the current year, 2,500,000 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.

Equipment is placed in service on January 1. The cost of the equipment is $250,000 with a salvage value of $25,000 and an estimated useful life of five years. Which amount of annual depreciation expense should be recorded on December 31 of Year 2 under the sum-of-years'-digits method? $45,000 $60,000 $75,000 $100,000

Depletion Entries Backwoods Mining Co. acquired mineral rights for $24,213,000. The mineral deposit is estimated at 115,300,000 tons. During the current year, 17,300,000 tons were mined and sold. Question Content Area a.  Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places.$fill in the blank 28702f06cfb3013_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   - Select - - Select -     - Select - - Select -

Montana Mining Company pays $4,360,440 for an ore deposit containing 1,552,000 tons. The company installs machinery in the mine costing $245,300. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 177,800 tons of ore during the year. Prepare the December 31 year-end entries to record both the ore machinery depreciation should be in proportion to the mine's depletion depletion and the mining machinery depreciation. Mining Note: Do not round intermediate calculations. Round your final answers to the nearest whole number. View transaction list Journal entry worksheet 2 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal Journal entry worksheet < 1 12 Record the year-end adjusting entry for the depreciation expense of the mining machinery. Note: Enter debits before credits. Date…

Depletion Intra-Spect Mining Co. acquired mineral rights for $144,500,000. The mineral deposit is estimated at 85,000,000 tons. During the current year, 23,800,000 tons were mined and sold. a.  Determine the depletion rate. If required, round your answer to two decimal places.$ per ton b.  Determine the amount of depletion expense for the current year.$ 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 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. Round the depletion rate to two decimal places. 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. 88 Dec. 31

Solare Company acquired mineral rights for $282,200,000. The diamond deposit is estimated at 16,600,000 tons. During the current year, 3,200,000 tons were mined and sold. a. Determine the depletion rate. 2$ 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. Dec. 31

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. Sfill in the blank d39a0a00ffc1f93_1 per ton