Pharoah Company Purchased For 4 543 000 A Mine That Is Estimated To Have 45 430 000 Tons Of Ore And No Salvage Value I 1 (81.39 KiB) Viewed 48 times
Pharoah Company purchased for $4,543,000 a mine that is estimated to have 45,430,000 tons of ore and no salvage value. In the first year, 14,040,000 tons of ore are extracted. (a1) Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ per ton Save for Later Attempts: 0 of 1 used Submit Answer (a2) The parts of this question must be completed in order. This part will be available when you complete the part above.
(a2) Prepare the journal entry to record depletion for the first year. (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 O for the amounts.) Account Titles and Explanation Debit Credit Save for Later Attempts: 0 of 1 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above.
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