On July 1, 2014, Ticino Inc. invested CHF720,000 in a mine estimated to have 800,000 tons of
Question:
On July 1, 2014, Ticino Inc. invested CHF720,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2014, 120,000 tons of ore were mined and sold.
Instructions
(a) Prepare the journal entry to record depletion expense.
(b) Assume that the 120,000 tons of ore were mined, but only 90,000 units were sold. How are the costs applicable to the 30,000 unsold units reported?
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a Dec 31 Depletion Expense 108000 Accumulated Depletion 120000 X CHF090 108000 C...View the full answer
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Related Book For
Financial Accounting IFRS
ISBN: 978-1118285909
2nd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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