Perez Company acquires an ore mine at a cost of S2.380.000. It Incurs additional costs of $666.400 to access the mine, whic is estimated to hold 1700.000 tons of ore. 215.000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $340,000. Calculate the depletion expense from the Information given. 1. & 2 Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal 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
Perez Company acquires an ore mine at a cost of S2.380.000. It Incurs additional costs of $666.400 to access the mine, whic is estimated to hold 1700.000 tons of ore. 215.000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $340,000. Calculate the depletion expense from the Information given. 1. & 2 Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal 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
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 12PA: Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells...
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![Perez Company acquires an ore mine at a cost of $2,380,000. It incurs additional costs of $666,400 to access the mine, which
Is estimated to hold 1,700,000 tons of ore. 215.000 tons of ore are mined and sold the first year. The estimated value of the
land after the ore Is removed is $340,000. Calculate the depletion expense from the Information glven.
1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry.
Complete this question by entering your answers in the tabs below.
Depletion
Expense
General
Journal
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
Depletion Expense
General Journal >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2F6024b8ae-0e5a-479d-8c16-4859005768ae%2F96g5us7_processed.png&w=3840&q=75)
Transcribed Image Text:Perez Company acquires an ore mine at a cost of $2,380,000. It incurs additional costs of $666,400 to access the mine, which
Is estimated to hold 1,700,000 tons of ore. 215.000 tons of ore are mined and sold the first year. The estimated value of the
land after the ore Is removed is $340,000. Calculate the depletion expense from the Information glven.
1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry.
Complete this question by entering your answers in the tabs below.
Depletion
Expense
General
Journal
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
Depletion Expense
General Journal >
![Garcla Co. owns equipment that cost $82,400, with accumulated depreclation of $43,600.
Record the sale of the equipment under the following three separate cases assuming Garcla sells the equipment for (1)
$51,200 cash, (2) $38,800 cash, and (3) $33,700 cash.
Vlew transaction lot
Journal entry worksheet
<A
>
Record the sale of equipment assuming Garcia sells the equipment for $51,200
cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
Record entry
Clear entry
Vlew general Journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2F6024b8ae-0e5a-479d-8c16-4859005768ae%2Fuykc5p_processed.png&w=3840&q=75)
Transcribed Image Text:Garcla Co. owns equipment that cost $82,400, with accumulated depreclation of $43,600.
Record the sale of the equipment under the following three separate cases assuming Garcla sells the equipment for (1)
$51,200 cash, (2) $38,800 cash, and (3) $33,700 cash.
Vlew transaction lot
Journal entry worksheet
<A
>
Record the sale of equipment assuming Garcia sells the equipment for $51,200
cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
Record entry
Clear entry
Vlew general Journal
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