Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. monty corporation, a publicly traded mining compan

Monty Corporation, a publicly traded mining company, acquires a mine at a cost of $530,000....

50.1K

Verified Solution

Question

Accounting

Monty Corporation, a publicly traded mining company, acquires a mine at a cost of $530,000. Capitalized development costs total $133,500. After the mine is depleted, $77,500 will be spent to restore the property, after which it can be sold for $160,000. Monty estimates that 5,000 tonnes of ore can be mined.

Assuming that 850 tonnes are extracted in the first year,

Make the journal entry to record depletion.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Dinitrogen Pentoxide (N2O5) decomposes in chloroform as a solvent to yield NO2 and O2. The decomposition...

Chemistry
Q

A point charge with a mass of 1.81 ng and a charge of +1.22 uC moves...

Physics
Q

Imagine you are having an interview with the HR Manager of a company? And you have...

General Management
Q

3 10 C and separation 41 Area of one side of each plate is A...

Physics
Q

24 Two point charges q and q2 of magnitude 10 8 C and 10 8...

Physics
Q

The Production Department of Hruska Corporation has submitted...

Accounting
Q

Why is it necessary to convert accrual-basis net income to cash-basis net income when preparing...

Accounting
Q

Complete this question by entering your answers in the tabs below. Req 1 and 2...

Accounting
Q

Norris Co. has developed an improved version of its most popular product. To get this...

Finance
Q

Use the Black-Scholes Option Pricing Model for the following option. Stock price S0 =...

Finance
Q

Wallys Widget Company (WWC) incorporated near the end of 2011. Operations began in January of...

Accounting
Q

Compute the price of a 6.4 percent coupon bond with 10 years left to maturity...

Finance