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What the correct adjusting entry on December

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Question - On August 1, 2018, a company acquired a tract of land containing mineral deposits estimated at 4,500,000 tons for $4,500,000. After the minerals have been extracted, the land is expected to have a residual value of $500,000. Only 3,200,000 tons are expected to be economically removable. In the fiscal year ended December 31, 2018, the company mined 200,000 tons of the ore. What the correct adjusting entry on December 31, 2018?

Reference no: EM133022273

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