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Earth’s Treasures Mining Co acquired mineral rights for $45000000 The mineral deposit is estimated at 50000000 tons During the current year 12600000 tons were mined and sold

Earth’s Treasures Mining Co. acquired mineral rights for $45,000,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 12,600,000 tons were mined and sold.

a. Determine the depletion rate.

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

c. Journalize the adjusting entry on December 31 to recognize the depletion expense.

May 21 2020 View more View Less

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