Monty Corp. purchased for $5,977,200 a mine that is estimated to have 49,810,000 tons of ore and no salvage value. In the first year, 12,090,000 tons of ore are extracted. (a1) * Your answer is incorrect. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ eTextbook and Media 0.22 per ton

Monty Corp. purchased for $5,977,200 a mine that is estimated to have 49,810,000 tons of ore and no salvage value. In the first year, 12,090,000 tons of ore are extracted. (a1) * Your answer is incorrect. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ eTextbook and Media 0.22 per ton

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Pharoah Company purchased for $4,543,000 a mine that is estimated to have 45,430,000 tons of ore and no salvage value. In the first year, 14,040,000 tons of ore are extracted. (a1) Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ per ton Save for Later (a2) The parts of this question must be completed in order. This part will be available when you complete the part above.
Sheffield Corp. purchased for $8,719,200 a mine that is estimated to have 48,440,000 tons of ore and no salvage value. In the first year, 8,350,000 tons of ore are extracted. (a1) Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. O.50.) Depletion cost per unit $ per ton eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer
Novak Corp. purchased for $5,829,200 a mine that is estimated to have 44,840,000 tons of ore and no salvage value. In the first year, 7,080,000 tons of ore are extracted. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ eTextbook and Media List of Accounts per ton Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
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
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
A coal mine cost $1,005,000 and is estimated to hold 52,000 tons of coal. There is no residual value. During the first year of operations, 6,000 tons are extracted and sold. Calculate depletion per unit. (Round your answer to the nearest cent.) OA $19.33 OB. $9.67 OC. $4.83 OD. $14.5 ***
The first answers I got was completely wrong. 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
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…
Novak Corp.purchased for $5.8292 million a mine that is estimated to have 44.84 million tons of ore and no salvage value. In the first year, 7.08 million tons of ore are extracted. Depletion cost per unit is 0.13 Prepare the journal entry to record depletion for the first year account Titles and Explanation debit credit
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 Feedback 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 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
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
genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignment... A A machine with a cost of $50,000 has an estimated residual value of $4,773 and an estimated life of 5 years or 15,353 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method? Oa. $20,000 Ob. $18,091 Oc. $12,000 Od. $10,000 { @ 00