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What will be the entry to record the depletion

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Problem 1: Sharlene Company purchases a property at a cost of $10,000,000. Intangible development costs amounted to $2,400,000. After extraction has occurred, Sharlene Company must restore the property (estimated present value of the obligation is $1,200,000), after which it can be sold for $3,400,000. The entity estimates that 100,000 tons of coal can be extracted. If 18,000 tons were extracted during the first year, what will be the entry to record the depletion?

Reference no: EM132888854

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