Intra-Spect Mining Co. acquired mineral rights for $85,000,000. The mineral deposit is estimated at 85,000,000 tons. During the current year, 22,950,000 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. December 31 388
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- eBook Show Me How Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years, or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during Year 1, 6,000 hours in Year 2, and 4,400 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2 and Year 3 by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the three years by each method. Round the answer for each year to the nearest whole dollar. Depreciation Expense Year Straight-Line Method Units-of-Activity Method Double-Declining-Balance Method Year 1 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Year 2 fill in the blank 4 fill in the blank 5 fill in the blank 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_6Depletion 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
- 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_6Journal entry worksheet < 1 Last year, Mountain Top, Incorporated, purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the current year. Note: Enter debits before credits. Date December 31 General Journal Depletion expense Accumulated depletion Record entry Clear entry Debit Credit View general journal < Prev 15 of 17 HIntra-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…
- 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_6Backwoods Mining Co. acquired mineral rights for $17,094,000. The mineral deposit is estimated at 122,100,000 tons. During the current year, 18,300,000 tons were mined and sold. Question Content Area a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places.$fill in the blank 512120f9bfd801e_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 Depletion Expense Depletion Expense Accumulated Depletion Accumulated Depletion Feedback Area Feedback Similar to the journal entry to record depreciation, the journal entry to record depletion affects a contra asset accountDepletion Instructions Chart of Accounts First Questions Journal Instructions Snowcap Mining Co. acquired mineral rights for $165,025,000. The mineral deposit is estimated at 402,500,000 tons. During the current year, 47,039,000 tons were mined and sold. Required: a. Determine the depletion rate. Round your answer to two decimal places. b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
- < Depletion: Hidden Hollow Mining Co. acquired mineral rights for $102,000,000. The mineral deposit is estimated at 85,000,000 tons. During the current year, 17,000,000 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. December 31Sale of Equipment Instructions Chart of Accounts First Questions Journal Instructions Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $49,785. Chart of Accounts CHART OF ACCOUNTS Required: a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming that the equipment was sold at the end of the second year for $557,317, determine the gain or loss on the sale of the equipment. c. Journalize the entry on Dec. 31 to record the sale. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a…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