On July 1, 2025, Ticino AG invested CHF736,000 in a mine estimated to have 800,000 tons of

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On July 1, 2025, Ticino AG invested CHF736,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2025, 124,000 tons of ore were mined.

Instructions

a. Prepare the journal entry to record depletion.

b. Assume that the 124,000 tons of ore were mined, but only 90,000 units were sold. How are the costs applicable to the 34,000 unsold units reported?

Prepare adjusting entries for amortization.

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Financial Accounting With International Financial Reporting Standards

ISBN: 9781119787051

5th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Apr 04, 2024 11:01 PM

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On July 1, 2025, Ticino AG invested CHF736,000 in a mine estimated to have 800,000 tons of

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Financial Accounting With International Financial Reporting Standards

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