E i Cengage Cengager e Chegg Study e Chegg Study 21 Womens

E i Cengage Cengager × e Chegg Study e Chegg Study 21 Women\'s Swe Electronics. C 21 \"Waiting for r curl pudding LT X v2 cengagenow.com/ilm Assignmentain do?invoker-assignments takeAssignmen Session cator-assignment-takem Ch 10-3 Exercises & Problems eBook Show Me How Calculator Print item Depletion Entries 1. EX.10-15.BLANKSHEET AL.. Alaska Mining Co. acquired mineral rights for $12,495,000. The mineral deposit is estimated at 73,500,000 tons. During the current year 11,050,000 tons were mined and sold 2. EX.10-09.ALGO 3. EX.10-07.ALGO a. Determlne the amount of depletion expense for the current year. Round the depletion rate to two declmals places. 4. EX. 10-16.BLANKSHEETAL... 5. EX. 10-17.ALGO 6. EX.10-19.ALGO b. Journalize the adjusting entry on December 31 to recognize the depletion expense Check My Work 2 more Check My Work uses remalning Previous Progress: 6/6 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 12:00 AM Type here to search 2/2/2018 23

Solution

a Depletion rate = 12495000/73500000 = $0.17 Depletion expense for the current year = 11050000*0.17= 1878500 b Depletion expense 1878500         Accumulated Depletion 1878500