Perez Company acquires an ore mine at a cost of S2.380.000. It Incurs additional costs of $666.400 to access the mine, whic is estimated to hold 1700.000 tons of ore. 215.000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $340,000. Calculate the depletion expense from the Information given. 1. & 2 Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal Calculate the depletion expense from the information given. (Round "Depletion per unit" to 3 decimal places.) Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit
Perez Company acquires an ore mine at a cost of S2.380.000. It Incurs additional costs of $666.400 to access the mine, whic is estimated to hold 1700.000 tons of ore. 215.000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $340,000. Calculate the depletion expense from the Information given. 1. & 2 Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal Calculate the depletion expense from the information given. (Round "Depletion per unit" to 3 decimal places.) Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 12PA: Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells...
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