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Prepare the journal entry to record amortisation expense

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Question

On 1 january 2013, jack invested 480,000 in a mine estimated to have 1600,000 tonnes of ore of uniform grade. During the last 6 months of the 2013 reporting year, 200,000 tonnes of ore were mined and sold .

(a) Prepare the journal entry to record amortisation expense.

(b) Assume that the 200,000 tons of ore were mined , but only 160,000 units were sold , how are the costs applicable to the 40000 unsold units reported ?

Reference no: EM132325576

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