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Splish Corporation acquires a coal mine at a cost of $492,000. Intangible development costs total $123,000. After extraction has occurred, Splish must restore the property (estimated fair value of the obligation is $98,400), after which it can be sold for $196,800. Splish estimates that 4,920 tons of coal can be extracted.
Question 1: If 861 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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