Reference no: EM132669686

Problem 1: The accumulated depletion account is

Option 1: an expense account

Option 2: an intangible asset account

Option 3: reported on the income statement as other expense

Option 4: reported on the balance sheet as a deduction from the cost of the mineral deposit

Problem 2: The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account called

Option 1: depletion

Option 2: deferral

Option 3: amortization

Option 4: depreciation