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Determine the amount of depletion expense for current year

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Reference no: EM132741484

Problem - Caldwell Mining Co. acquired mineral rights for $126,000,000. The mineral deposit is estimated at 42,000,000 tons. During the current year, 3,800,000 tons were mined and sold.

Required -

a. What is the depletion rate per ton?

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

c. Journalize the adjusting entry to recognize depletion expense at the end of the year.

Reference no: EM132741484

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