Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. brief exercise 11-9 pina corporation, a publicly t

Brief Exercise 11-9 Pina Corporation, a publicly traded mining company, acquires a mine at a...

80.2K

Verified Solution

Question

Accounting

image

Brief Exercise 11-9 Pina Corporation, a publicly traded mining company, acquires a mine at a cost of $710,000. Capitalized development costs total $129,000. After the mine is depleted, $78,000 will be spent to restore the property, after which it can be sold for $161,500. Pina estimates that 5,000 tonnes of ore can be mined. Assuming that 790 tonnes are extracted in the first year, prepare the journal entry to record depletion. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round per tonne to 2 decimal places, e.g. 15.75 and final answer to o decimal places, e.g. 1,575.) Account Titles and Explanation Debit Credit Inventory Accumulated Depletion Asset Retirement Obligatio SHOW LIST OF ACCOUNTS LINK TO TEXT

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Raoult's Law describes a simple relationship between the vapor pressure of an ideal solution and the...

Physics
1.2K views

A particle moves under constant external force F = F0 ˆi. It is also subjected to...

Psychology
1.2K views

What is the relationship between Frontal striatal pathway and cognitive control?

Psychology
1.2K views

Case Study #2 John and Michael, in their mid 30s, seek couples sessions to deal with their...

Electrical Engineering
1.2K views

Using the programing language of Verilog I attempted to make a counter to count from 0...

Advance Math
1.2K views

The CEO of BEEKAY Company, a listed mining company, is in discussing with the Chairman whether...

Physics
1.2K views

9 In a double slit experiment the angular width of a fringe is found to...

Algebra
1.2K views

5 Two scuba divers are 25m apart below the surface of the water They both...

Accounting
1.2K views

Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30,...

Accounting
1.2K views

Score: 0 of 2 pts 12 of 12 (10 complete) HW Score: 65.22%, 12.39 of...

Finance
1.2K views

Attempts: Average: Average: 12 1. Net present value (NPV) Evaluating cash flows with the NPV...

Finance
1.2K views

If you were considering the ownership of Tacobell franchise, what would you want to know...