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How do prepare the journal entry to record depletion

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Reference no: EM132792350

Problem 1: Blue Corporation, a publicly traded mining company, acquires a mine at a cost of $670,000. Capitalized development costs total $133,000. After the mine is depleted, $77,000 will be spent to restore the property, after which it can be sold for $159,000. Blue estimates that 5,000 tonnes of ore can be mined. Assuming that 840 tonnes are extracted in the first year, prepare the journal entry to record depletion.

Reference no: EM132792350

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