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Prepare the journal entry to record depletion

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Reference no: EM132606121

Question - Pronghorn Corporation, a publicly traded mining company, acquires a mine at a cost of $520,000. Capitalized development costs total $134,500. After the mine is depleted, $79,000 will be spent to restore the property, after which it can be sold for $160,500. Pronghorn estimates that 5,000 tonnes of ore can be mined. Assuming that 860 tonnes are extracted in the ?rst year, prepare the journal entry to record depletion.

Reference no: EM132606121

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