Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 10-19 (algo) depletion of natural resourc

Exercise 10-19 (Algo) Depletion of natural resources LO P3 Montana Mining Company pays $4.849,820 for...

90.2K

Verified Solution

Question

Accounting

image
Exercise 10-19 (Algo) Depletion of natural resources LO P3 Montana Mining Company pays $4.849,820 for an ore deposit containing 1.420,000 tons. The company installs machinery in the mine costing $241,800. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 146,300 tons of ore during the year. Prepare the December 31 year-end entries to record both the ore deposit depletion and the mining machinery depreciatron. Mining machinery depreclation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round your final answers to the nearest whole number.) Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine, Note: Enter debits before credits

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