Determine the depletion rate

Reference no: EM133390218

Assignment:

Depletion

Maxwell Mining Co. acquired mineral rights for $30,000,000. The mineral deposit is estimated at $100,000,000 tons, patents expense for $45,000, accumulated depreciation for $10,000. During the current year, 10,000,000 tons were mined and sold.

A. Determine the depletion rate

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

C. Journalize the entry to record the depletion

Reference no: EM133390218

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