Solare Company acquired mineral rights for $334,600,000. The diamond deposit is estimated at 23,900,000 tons. During the current year, 3,400,000 tons were mined and sold. a. Determine the depletion rate. per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. December 31
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- Solare Company acquired mineral rights for $168,000,000. The diamond deposit is estimated at 21,000,000 tons. During the current year, 2,340,000 tons were mined and sold. a. Determine the depletion rate. per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. December 31 PreviousSolare Company acquired mineral rights for $647,400,000. The diamond deposit is estimated at 49,800,000 tons. During the current year, 3,300,000 tons were mined and sold. a. Determine the depletion rate. $ per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Debit Credit Date December 31 AccountAlaska Mining Co. acquired mineral rights for $24,992,000. The mineral deposit is estimated at 113,600,000 tons. During the current year, 17,050,000 tons were mined and sold. A. Determine the amount of delpletion expense for the current year. Round the depletion rate to two decimal rates. B. Journalize the adjacent entry on December 31 to recognize the depletion expenses. If an amount box does not require an entry, leave blank.
- Glacier Mining Co. acquired mineral rights for $311,250,000. The mineral deposit is estimated at 415,000,000 tons. During the current year, 40,479,000 tons were mined and sold. A. Determine the depletion rate. Round your answer to two decimal places. B. Determine the amount of depletion expense for the current year. C. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles. A. Determine the depletion rate. Round your answer to two decimal places. per ton B. Determine the amount of depletion expense for the current year.Glacier Mining Co. acquired mineral rights for $494,000,000. The mineral deposit is estimated at 475,000,000 tons. During the current year, 31,500,000 tons were mined and sold. A. Determine the depletion rate. Round your answer to two decimal places. B. Determine the amount of depletion expense for the current year. C. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles.Solare Company acquired mineral rights for $60,000,000. The diamond deposit is estimated at 6,000,000 tons. During the current year, 2,300,000 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 to recognize the depletion expense.
- Hidden Hollow Mining Co. acquired mineral rights for $60,750,000. The mineral deposit is estimated at 45,000,000 tons. During the current year, 13,500,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.Hidden Hollow Mining Co. acquired mineral rights for $63,750,000. The mineral deposit is estimated at 75,000,000 tons. During the current year, 17,250,000 tons were mined and sold a. Determine the depletion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 Accumulated Depletion Accumulated Depreciation Depletion Expense Depreciation Expense Cash Mineral DepositAlaska Mining Co. acquired mineral rights for $28,674,000. The mineral deposit is estimated at 16,200,000 tons. During the current year, 1,710,000 tons were mined and sold. Required: a. Determine the amount of depletion expense for the current year. b. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles.
- Hidden Hollow Mining Co. acquired mineral rights for $42,500,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 11,500,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places.$fill in the blank 91e68b00e031f88_1 per ton b. Determine the amount of depletion expense for the current year.$fill in the blank 91e68b00e031f88_2 c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 346c5df8f020fe0_2 fill in the blank 346c5df8f020fe0_3 fill in the blank 346c5df8f020fe0_5 fill in the blank 346c5df8f020fe0_6Earth's Treasures Mining Co. acquired mineral rights for $37,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 9,300,000 tons were mined and sold. Question Content Area a. Determine the depletion rate. If required, round your answer to two decimal places.fill in the blank 1 of 1$ per ton b. Determine the amount of depletion expense for the current year.fill in the blank 1 of 1$ Feedback Area Feedback Question Content Area c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Date Account Debit Credit December 31Quavo Mining Co. acquired mineral rights for $21,477,500. The mineral deposit is estimated at 69,500,000 tons. During the current year, 6,950,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round intermediate calculations to two decimal places and use rounded amounts in subsequent calculations. Round your answer to the nearest dollar. 2,154,500 b. Illustrate the effects on the accounts and financial statements of the depletion expense. Enter account decreases, cash outflows, and the income statement effects that decrease net income as negative amounts. However, for contra asset accounts, enter account increases as a negative value. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Financial Statement Effects Balance Sheet Assets Liabilities + Stockholders' Equity Mineral rights Accumulated depletion No effect + Retained earnings -2,154,500 X 2,154,500 X…