Solved: Alaska mining co acquired mineral rights for 29348000, Accounting Basics

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Alaska mining co acquired mineral rights for 29348000

Question - Alaska Mining Co. acquired mineral rights for $29,348,000. The mineral deposit is estimated at 133,400,000 tons. During the current year, 20,000,000 tons were mined and sold.

a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places.

b. Journalize the adjusting entry on December 31 to recognize the depletion expense.

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Accounting Basics: Alaska mining co acquired mineral rights for 29348000

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Accounting Basics: Alaska mining co acquired mineral rights for 29348000

Reference No:- TGS02497637

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