Solare company acquired mineral rights for 366300000 the, Ask an Expert

Accounting

Solare company acquired mineral rights for $366,300,000. The diamond deposit is estimated at 33,300,000 tons. During the current year, 2,700,000 tons were mined and sold.

A. Determine the depletion rate per ton

B. Determine the amount of depletion expense for the current year

C. Journalize the adjusting entry to recognize the depletion expense

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91967176

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