Depletion Caldwell Mining Co. acquired mineral rights for $42.500.000. The mineral deposit is estimated at...
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Depletion Caldwell Mining Co. acquired mineral rights for $42.500.000. The mineral deposit is estimated at 50,000.000 tons. During the current vear, 12.500.000 tons were mined and sold. a. Determine the depletion rate. If required, 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 Me How Calculator Print Item Depletion Caldwell Mining Co. acquired mineral rights for $42,500,000. The mineral deposit is estimated at 50,000,000 tons. Duri a. Determine the depletion rate. If required, 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 Accumulated Depletion Accumulated Depreciation Depletion Expense Depreciation Expense Cash Mineral Deposit 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 Accumulated Depreciation Accumulated Depletion Cash Depletion Expense Depreciation Expense Mineral Deposit
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