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1. Tyler Industries operates a mineral deposit with an estimated1,500,000 tons of available ore. The mineral deposit was purchasedfor $1,500,000, and no salvage value is expected. A total of200,000 tons are mined, but only 100,000 tons were sold during theyear. How would the company record this transaction?

		Debit Depletion Expense-Mineral Deposit for $100,000, debit OreInventory for $100,000, and credit Accumulated Depletion-MineralDeposit for $200,000.
		Debit Depletion Expense-Mineral Deposit for $200,000 and creditAccumulated Depletion-Mineral Deposit for $200,000.
		Debit Depletion Expense-Mineral Deposit for $100,000 and creditAccumulated Depletion-Mineral Deposit for $100,000.
		Debit Mineral Expense for $200,000 and credit Mineral Depositfor $200,000.
		Debit Amortization Expense-Mineral Deposit for $200,000, creditOre Deposit for $100,000 and credit Accumulated Depletion-MineralDeposit for $100,000. 2. A company's annual accounting period ends on December 31.During the current year, a depreciable asset that cost $24,000 waspurchased on October 1. The asset has a $1,000 estimated salvagevalue. The company uses straight-line depreciation and expects theasset to have a six-year life. What is the total depreciationexpense for the current year? $3,833.33 $958.33 $4,000.00 $1,000.00 $1,041.67 3. Terrence Manufacturing pays $5,000 to replace the manualcontrol system on one of its machines with an automated system. Themachine is expected to be more productive as a result. How wouldthe company record this transaction? Debit Machinery for $5,000 and credit Cash for $5,000. Debit Repairs Expense for $5,000 and credit Cash for $5,000. Debit Betterment Expense for $5,000 and credit Cash for$5,000. Debit Extraordinary Repair Expense for $5,000 and credit Cashfor $5,000. Debit Depreciation Expense for $5,000 and credit Cash for$5,000. 4. A machine is purchased and used throughout its predicteduseful life of five years. The depreciable cost equals $50,000. Thecompany uses the straight-line method. How would the company recordthe adjusting entry to record the depreciation on this machine atthe end of each of the years in its useful life? Debit Machinery for $50,000 and credit Cash for $50,000. Debit Machinery Expense for $10,000 and credit Machinery for$10,000. Debit Depreciation Expense for $10,000 and credit AccumulatedDepreciation-Machinery for $10,000. Debit Accumulated Depreciation-Machinery for $10,000 and creditDepreciation Expense for $10,000. Debit Depreciation Expense for $10,000 and credit Machinery for$10,000.