Earth's Treasures Mining Co. acquired mineral rights for $37,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 9,300,000 tons were mined and sold. Question Content Area a. Determine the depletion rate. If required, round your answer to two decimal places.fill in the blank 1 of 1$ per ton b. Determine the amount of depletion expense for the current year.fill in the blank 1 of 1$ Feedback Area Feedback Question Content Area 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. Date Account Debit Credit December 31
Earth's Treasures Mining Co. acquired mineral rights for $37,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 9,300,000 tons were mined and sold. Question Content Area a. Determine the depletion rate. If required, round your answer to two decimal places.fill in the blank 1 of 1$ per ton b. Determine the amount of depletion expense for the current year.fill in the blank 1 of 1$ Feedback Area Feedback Question Content Area 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. Date Account Debit Credit December 31
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...
Related questions
Question
Earth's Treasures Mining Co. acquired mineral rights for $37,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 9,300,000 tons were mined and sold.
Question Content Area
a. Determine the depletion rate. If required, round your answer to two decimal places.
fill in the blank 1 of 1$ per ton
b. Determine the amount of depletion expense for the current year.
fill in the blank 1 of 1$
Feedback Area
Feedback
Question Content Area
c. Journalize the
| Date | Account | Debit | Credit |
|---|---|---|---|
| December 31 |
|
||
|
|
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