Can someone help me Perez Company acquires an ore mine at a...
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Perez Company acquires an ore mine at a cost of $1.400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1.000.000 tons of ore 180,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $200.000 Calculate the depletion expense from the Information given. (Round "Depletion per unit to two decimal places.) Cost Salvage Amount subject to depletion Total unks of capacity Depletion per un Units extracted and sold in period Depletion expense 3 1.800,000 200,000 31,000,000 1,000,000 5 1.00 150,000 $ 288,000 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry View transactions Journal entry worksheet 02 Pecord the year-end Lusting entry for the depletion expense of ore mine. General Journal Debit Tansacbon 2 Credit P 1 of 4 Next >
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