Business, 16.04.2020 00:32 yagalneedshelp8338

Perez Company acquires an ore mine at a cost of $1,540,000. It incurs additional costs of $431,200 to access the mine, which is estimated to hold 1,100,000 tons of ore. 185,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $220,000. Calculate the depletion expense from the information given. (Round "Depletion per unit" to 3 decimal places.)

cost
salvage
amount subject to depletion
total units of capacity
depletion per unit
units extracted and sold in period
depletion expense

a. Prepare the entry to record the cost of the ore mine and year-end adjusting entry.

b. Record the cost of the ore mine in cash

c. record the year-end adjusting entry for the depletion expense of ore mine

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Perez Company acquires an ore mine at a cost of $1,540,000. It incurs additional costs of $431,200 t...

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