Calculato Instructions General Journal General Journal Instructions Depletion 1.

Question

Calculato Instructions General Journal General Journal Instructions Depletion 1. A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 96,000 tons were mined and sold. Prepare the journal entry for the year's depletion expense. If an amount box does not require an entry, leave it blank. 2. A gold mine was acquired at a cost of $3,000,000 and estimated to contain 750,000 tons of ore. During the year, 120,000 tons were mined and sold. Prepare the journal entry for the year's depletion expense. If an amount box does not require an entry, leave it blank. Prepare the entries using a general journal.

Explanation / Answer

Journal entries

date

explanation

debit

credit

1-

31-Dec

depletion expense

24000

accumulated depletion expense

24000

2-

31-Dec

depletion expense

480000

accumulated depletion expense

480000

Journal entries

date

explanation

debit

credit

1-

31-Dec

depletion expense

24000

accumulated depletion expense

24000

2-

31-Dec

depletion expense

480000

accumulated depletion expense

480000

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