Depletion glacier mining co. acquired mineral rights for $494,000,000. the mineral deposit is estimated at 475,000,000 tons. during the current year, 31,500,000 tons were mined and sold.
a. determine the depletion rate. 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. dec. 31
+5
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Depletion glacier mining co. acquired mineral rights for $494,000,000. the mineral deposit is estimated at 475,000,000 tons. during the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Home » Business » Depletion glacier mining co. acquired mineral rights for $494,000,000. the mineral deposit is estimated at 475,000,000 tons. during the current year, 31,500,000 tons were mined and sold. a. determine the depletion rate.