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Firefox File Edit View History Bookmarks Tools Window Help 48%, D. Wed 11:37 AM Q E box (12.3 ·M Inbox1648 . M! Your AoliitM, Stco 1-Ini. N Chaoter 9 ra comoarina . Microsoft Wor , G 70433388, re Costs Of A. R CheaaS i G Ea CengageNOWv2| Online teaching and learning resource from Cengage Learning v2.cengagenow.com/ilm/takeAssignment takeAssignmentMain.d0?invoker=&takeAssignmentsessionLocator-assignment; take&Inprogress-false; Chapter 9 Assignment Book Show Me How Calculator Depletion Entries 1. EX.09-01 2. EX.09-05 3. EX.09-13 4. EX.09-14 5. EX.09-15 ALGO Alaska Mining Co. acquired mineral rights for $10,176,000. The mineral deposit is estimated at 84,800,000 tons. During the current year, 12,700,000 tons were mined and sold a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places. b. Journalize the adjusting entry on December 31 to recognize the depletion expense. 6. EX.09-17 ALGO 7. EX.09-19.ALGO 8. EX.09-20.ALGO 9. PR.09-01 ALGO 10. PR.09-04.ALGO Check My Work Previous Next Progress: 7/10 items

Explanation / Answer

Depletion rate = 10176000/84800000= 0.12 a Amount of depletion expense = 12700000*0.12= 1524000 b Depletion expense 1524000          Mineral rights 1524000

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