Wellsburgh Co. Purchased a stone quarry on Credit which contains 2,400,000 square feet of slate...
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Wellsburgh Co. Purchased a stone quarry on Credit which contains 2,400,000 square feet of slate for $1,820,000 on July 1, 2012. Wellsburgh Co. Began mining on September 12, 2012, and mined 682,000 square feet on slate in 2012. The Company sold $484,000 square feet of slate on Credit for $2.2/s.f. during the year. Required: 1. Calculate the depletion rate per sq. Ft. of slate. 2.Prepare the Journal entries to record the folllowing. a. Purchase of the quarry on July 1, 2012. b. Depletion in 2012. c. Sale of slate in 2012.
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