Sorry for the format, please just ignor the lines and boxes.1. Tyler Industries operates...

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Accounting

Sorry for the format, please just ignor the lines and boxes.
1. Tyler Industries operates a mineral deposit with an estimated1,500,000 tons of available ore. The mineral deposit was purchasedfor $1,500,000, and no salvage value is expected. A total of200,000 tons are mined, but only 100,000 tons were sold during theyear. How would the company record this transaction?
Debit Depletion Expense-Mineral Deposit for $100,000, debit OreInventory for $100,000, and credit Accumulated Depletion-MineralDeposit for $200,000.
Debit Depletion Expense-Mineral Deposit for $200,000 and creditAccumulated Depletion-Mineral Deposit for $200,000.
Debit Depletion Expense-Mineral Deposit for $100,000 and creditAccumulated Depletion-Mineral Deposit for $100,000.
Debit Mineral Expense for $200,000 and credit Mineral Depositfor $200,000.
Debit Amortization Expense-Mineral Deposit for $200,000, creditOre Deposit for $100,000 and credit Accumulated Depletion-MineralDeposit for $100,000.
2. A company's annual accounting period ends on December 31.During the current year, a depreciable asset that cost $24,000 waspurchased on October 1. The asset has a $1,000 estimated salvagevalue. The company uses straight-line depreciation and expects theasset to have a six-year life. What is the total depreciationexpense for the current year?
$3,833.33
$958.33
$4,000.00
$1,000.00
$1,041.67
3. Terrence Manufacturing pays $5,000 to replace the manualcontrol system on one of its machines with an automated system. Themachine is expected to be more productive as a result. How wouldthe company record this transaction?
Debit Machinery for $5,000 and credit Cash for $5,000.
Debit Repairs Expense for $5,000 and credit Cash for $5,000.
Debit Betterment Expense for $5,000 and credit Cash for$5,000.
Debit Extraordinary Repair Expense for $5,000 and credit Cashfor $5,000.
Debit Depreciation Expense for $5,000 and credit Cash for$5,000.
4. A machine is purchased and used throughout its predicteduseful life of five years. The depreciable cost equals $50,000. Thecompany uses the straight-line method. How would the company recordthe adjusting entry to record the depreciation on this machine atthe end of each of the years in its useful life?
Debit Machinery for $50,000 and credit Cash for $50,000.
Debit Machinery Expense for $10,000 and credit Machinery for$10,000.
Debit Depreciation Expense for $10,000 and credit AccumulatedDepreciation-Machinery for $10,000.
Debit Accumulated Depreciation-Machinery for $10,000 and creditDepreciation Expense for $10,000.
Debit Depreciation Expense for $10,000 and credit Machinery for$10,000.

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1 Tyler Industries operates a mineral deposit with an estimated 1500000 tons of available ore The mineral deposit was purchased for 1500000 and no salvage value is expected A total of 200000 tons are mined but only 100000 tons were sold during the year How would the company record this transaction Depletion cost per unit Cost salvage or residual value total See Answer

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In: AccountingSorry for the format, please just ignor the lines and boxes.1. Tyler Industries operates a...Sorry for the format, please just ignor the lines and boxes.1. Tyler Industries operates a mineral deposit with an estimated1,500,000 tons of available ore. The mineral deposit was purchasedfor $1,500,000, and no salvage value is expected. A total of200,000 tons are mined, but only 100,000 tons were sold during theyear. How would the company record this transaction?Debit Depletion Expense-Mineral Deposit for $100,000, debit OreInventory for $100,000, and credit Accumulated Depletion-MineralDeposit for $200,000.Debit Depletion Expense-Mineral Deposit for $200,000 and creditAccumulated Depletion-Mineral Deposit for $200,000.Debit Depletion Expense-Mineral Deposit for $100,000 and creditAccumulated Depletion-Mineral Deposit for $100,000.Debit Mineral Expense for $200,000 and credit Mineral Depositfor $200,000.Debit Amortization Expense-Mineral Deposit for $200,000, creditOre Deposit for $100,000 and credit Accumulated Depletion-MineralDeposit for $100,000.2. A company's annual accounting period ends on December 31.During the current year, a depreciable asset that cost $24,000 waspurchased on October 1. The asset has a $1,000 estimated salvagevalue. The company uses straight-line depreciation and expects theasset to have a six-year life. What is the total depreciationexpense for the current year?$3,833.33$958.33$4,000.00$1,000.00$1,041.673. Terrence Manufacturing pays $5,000 to replace the manualcontrol system on one of its machines with an automated system. Themachine is expected to be more productive as a result. How wouldthe company record this transaction?Debit Machinery for $5,000 and credit Cash for $5,000.Debit Repairs Expense for $5,000 and credit Cash for $5,000.Debit Betterment Expense for $5,000 and credit Cash for$5,000.Debit Extraordinary Repair Expense for $5,000 and credit Cashfor $5,000.Debit Depreciation Expense for $5,000 and credit Cash for$5,000.4. A machine is purchased and used throughout its predicteduseful life of five years. The depreciable cost equals $50,000. Thecompany uses the straight-line method. How would the company recordthe adjusting entry to record the depreciation on this machine atthe end of each of the years in its useful life?Debit Machinery for $50,000 and credit Cash for $50,000.Debit Machinery Expense for $10,000 and credit Machinery for$10,000.Debit Depreciation Expense for $10,000 and credit AccumulatedDepreciation-Machinery for $10,000.Debit Accumulated Depreciation-Machinery for $10,000 and creditDepreciation Expense for $10,000.Debit Depreciation Expense for $10,000 and credit Machinery for$10,000.