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aed Chapter 8 Review Question 9 (of 10) Save& Ext Submn 9. You did not...

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Accounting

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aed Chapter 8 Review Question 9 (of 10) Save& Ext Submn 9. You did not receive full credit for this question in a previous attenp A company purchased a tract of land for its natural resources at a cost of $1,500,000. it expects to mine 2,000,000 tons of ore from this land. The salvage value of the land is expected to b $250,000. if 150,000 tons of ore are mined during the first year, the journal entry to recond the depietion is: O debit Depletion Expense $93750, credit Natural Rescurces $93.70 O debit Cash $112.500, creat Natural Resources $12.500 O debit Depletion Expense $93750, credit Accumulated Depletion $93750 O debit Cash $93750 credit Accumulated Depletion $93750 debit Depletion Expense $112 500, credit Accumulated Depitetion $112.500

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