Make the journal entry to record depletion

Assignment Help Accounting Basics
Reference no: EM132795763

Question - Monty Corporation, a publicly traded mining company, acquires a mine at a cost of $530,000. Capitalized development costs total $133,500. After the mine is depleted, $77,500 will be spent to restore the property, after which it can be sold for $160,000. Monty estimates that 5,000 tonnes of ore can be mined. Assuming that 850 tonnes are extracted in the first year, make the journal entry to record depletion.

Reference no: EM132795763

Questions Cloud

What ideologies drove the age of imperialism : During the 1800s, great empires sprang up as various powerful nations sought to expand and gain control of strategic locations and valuable natural resources.
Explain why congress only sent stimulus checks : Explain why Congress only sent stimulus checks to households up to a certain income level.
Calculate dm inventory and wip inventory : Calculate DM inventory, WIP inventory and FG inventory as on 30 Sept 2014; fixed manufacturing OH, and DL for Sept; Goods available for sale in September
What is an example of opportunity cost : Why type of decision was made? What was another alternative that could have been made? Discuss how scarcity influenced the decision.
Make the journal entry to record depletion : Monty Corporation, a publicly traded mining company, acquires a mine at a cost of $530,000. Make the journal entry to record depletion
How do the cultures values relate to the conflict : Outline the basic history of the event(s). You can use a timeline or write it out. How do the culture's values relate to the conflict?
Draw a graph of the marginal cost curve : Let's pretend the market for Soda is for all intents and purposes a monopoly in our fictional country the Republic of Stark. Stark soda has an overwhelming
Describe the nationalism and the world stage : Nationalism, the idea that one's identity is closely tied to the nation-state in which one lives, is a fairly modern concept in world history.
What is the net result of implementing the proposed plan : The firm's required return on investment is 20 percent. What is the net result of implementing the proposed plan

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain the five stages of systems development lifecycle

List and explain the five stages of systems development lifecycle. What potential problem does this approach seek to mitigate

  How much preferred and common stockholders should receive

show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating

  Who are the stakeholders affected by their proposals

Is there anything unethical in what each of them proposes? Who are the stakeholders affected by their proposals

  Journalise the issue of the debentures on may

On 1 May 2016, Noah issues 9%, 20-year debentures with a maturity value of $200 000. Journalise the issue of the debentures on 1 May 2016

  How many of each model should donto produce

How many of each model should Donto produce to maximize profit in May considering the constraint

  On july 1 2013 dipco bonds issued 750 10-year 1000 par

on july 1 2013 dipco bonds issued 750 10-year 1000 par value bonds paying 6 meanwhile other bonds in the market of

  Discuss formulas in the shaded gray cells

Enter the appropriate numbers/formulas in the shaded gray cells

  What is becky bad debt deduction

By the end of 2012 it is estimated that the creditors will receive only 20% of the amount owed. What is Becky's bad debt deduction for 2012? For 2013

  Balance in retained earnings appearing on statement

What is the balance in retained earnings appearing on the statement of stockholders" equity on December 31, 2002? A. $330,000 b. $380,000 c. $420,000 d. $440,000 138.

  Vignor incorporation sent out 30million face amount of 9

vignor incorporation sent out 30million face amount of 9 bondswhile interest rates in market were 9.30 for similar

  Discuss future taxable income

(Two Temporary Differences, Multiple Rates, Future Taxable Income) Nadal Inc. has two temporary differences at the end of 2013.

  Explain the accounting treatment of the original lease

Lester entered into a ten-year lease of a floor of a building, with an option to extend for a further three years, on 1 July 2001. Lease payment are K50,000.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd