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Record the entry for acquisition of the zinc mine

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Reference no: EM133177671

Question - Western Mining Inc. acquires a zinc mine in January at a cost of $2,880,000 with an estimated 864,000 tons of zinc. Western Mining Inc. also incurs costs of $324,000 to develop the area around the site necessary to access the mine. The land is estimated to have a value of $180,000 after the zinc is mined. At the end of the year, 129,600 tons of zinc were mined and 116,640 tons were sold by December 31.

Required -

a. Record the entry for acquisition of the zinc mine.

b. Record the entries for depletion and for the cost of the sale of zinc during the year.

Reference no: EM133177671

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