X acquires a coalmine at a cost of $1,660,000. Intangible development costs total $540,000. The...
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X acquires a coalmine at a cost of $1,660,000. Intangible development costs total $540,000. The salvage value is $510,000. X estimates that 6,000 tons of coal can be extracted. If 900 tons are extracted the first year, which of the following would be included in the journal entry to record depletion?
a.
Debit to Inventory for $229,500
b.
Debit to Inventory for $253,500
c.
Debit to Accumulated Depletion for $229,500
d.
Credit to Accumulated Depletion for $382,500
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