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Colorado Mining paid $539,000 to acquire a mine with 49,000 tons of coal reserves. The...

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Accounting

Colorado Mining paid $539,000 to acquire a mine with 49,000 tons of coal reserves. The financial statements model in Required B reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 25,725 tons of coal in year 1 and 22,050 tons in year 2.
Required:
a. Compute the depletion charge per ton.
b. Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Compute the depletion charge per ton.
Depletion charge per ton
perton
image

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