Solution-What the end-of- year journal entry to record the

What the end-of- year journal entry to record the depletion

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Problem 1: Which of the accounting procedures or the accounting rules applied to intangible assets is not true?

a. patents have a legal life of 17 years

b. the maximum length of amortization for intangibles is 40 years

c. generally, the straight-line method of amortization is used

d. Accumulated Amortization accounts are maintained for intangible assets

Problem 2: The Ophir Mining Company acquired an iron ore deposit for 2,000,000. The company's geologist estimated the deposit to contain 1,500,000 tons of iron ore. At the end of the first year, 60,000 tons had been extracted. The end-of- year journal entry to record the depletion of the iron ore would:

a. require a credit to Iron Ore Deposit of 45,000

b. require a credit to Accumulated Depletion of 80,000

c. require a debit to Depletion Expense of 50,000

d. require a debit to Accumulated Depletion of 8

Reference no: EM132786836

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What the end-of- year journal entry to record the depletion

Reference no: EM132786836

Reference no: EM132786836

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