Depletion
A coal mine was acquired at a cost of $1,500,000 and estimatedto contain 6,000,000 tons of ore. During the year, 100,000 tonswere mined and sold. Prepare the journal entry for the year'sdepletion expense. If an amount box does not require an entry,leave it blank.
A silver mine was acquired at a cost of $3,000,000 and estimatedto contain 750,000 tons of ore. During the year, 125,000 tons weremined and sold. Prepare the journal entry for the year's depletionexpense. If an amount box does not require an entry, leave itblank.
Prepare the entries using a general journal.
there are 2 entries per journal
