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Prepare the journal entry to record depletion

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Question - Riverbed Corporation, a publicly traded mining company, acquires a mine at a cost of $620,000. Capitalized development costs total $125,500. After the mine is depleted, $79,000 will be spent to restore the property, after which it can be sold for $157,500. Riverbed estimates that 5,000 tonnes of ore can be mined. Assuming that 880 tonnes are extracted in the first year, prepare the journal entry to record depletion. The three accounts for journal entry are inventory, asset retirement obligation, and accumulation depletion.

Reference no: EM132803662

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