krystlemiller4307
25.01.2020 •
Business
Sands company purchased mining rights for $500,000.
they expect to harvest 1 million tons of ore over the next five years.
during the current year sands mined 350,000 tons of ore.
the entry to record the depletion would include:
a) a credit to depletion expense for $350,000
b) a debit to depletion expense for $175,000
c) a debit to accumulated depletion for $175,000
d) a credit to accumulated depletion for $350,000
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Ответ:
b) a debit to Depletion Expense for $175,000
Explanation:
The computation of the depletion expense is shown below:
Depletion expense = (Purchase of mining rights × current year mined tons of ore) ÷ (expected harvested tons of ore)
= ($500,000 × 350,000 tons) ÷ (1,000,000 tons)
= $175,000
So the journal entry would be
Depletion Expense A/c Dr $175,000
To Accumulated Depletion A/c $175,000
(Being the depletion expense is recorded)
Ответ:
B. The show technicians had trouble wiring the equipment
Explanation:
Process of elimination