Exercise 9-11 (Part Level Submission) On July 1, 2017, Friedman Inc. invested $6
ID: 2558886 • Letter: E
Question
Exercise 9-11 (Part Level Submission)
On July 1, 2017, Friedman Inc. invested $611,250 in a mine estimated to have 815,000 tons of ore of uniform grade. During the last 6 months of 2017, 101,000 tons of ore were mined.
(a1)
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(a2)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Exercise 9-11 (Part Level Submission)
On July 1, 2017, Friedman Inc. invested $611,250 in a mine estimated to have 815,000 tons of ore of uniform grade. During the last 6 months of 2017, 101,000 tons of ore were mined.
(a1)
Your answer is correct. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)Depletion cost per unit $
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Prepare the journal entry to record depletion. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Explanation / Answer
a) Depletion per unit = (611250/815000) = 0.75 per unit
Journal entry :
Date accounts & explanation debit credit Dec 31 Depletion expense (101000*.75) 75750 Accumlated depletion 75750 (To record depletion expense)Related Questions
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