Sands Company purchased mining rights for $500,000. They expect to harvest 1 million tons of...
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Accounting
Sands Company purchased mining rights for $500,000. They expect to harvest 1 million tons of ore over the next five years. During the current year, Sands mined 350,000 tons of ore. The entry to record the depletion would include
a debit to Depletion Expense for $175,000
a credit to Depletion Expense for $350,000
a debit to Accumulated Depletion for $175,000
a credit to Accumulated Depletion for $350,000
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