Determine amount of depletion expense for the current year

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Reference no: EM133373237

Question: Show Me How Depletion Intra-Spect Mining Co. acquired mineral rights for $92,000,000. The mineral deposit is estimated at 80,000,000 to ns. During the current year, 20,000,000 tons were mined and sold.

a. Determine the depletion 6. Determine the amount of depletion expense for the current year. Q rate. If required, round your answer to two decimal places.

c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry,

Reference no: EM133373237

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