Solved: Determine the amount of depletion expense for the current, Financial Accounting

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Determine the amount of depletion expense for the current

Alaska Mining Co. acquired mineral rights for $28,050,000. The mineral deposit is estimated at 16,500,000 tons. During the current year, 1,540,000 tons were mined and sold.

Required:

a. Determine the amount of depletion expense for the current year.

b. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles.

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Financial Accounting: Determine the amount of depletion expense for the current

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