Intra-Spect Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 90,000,000 tons....

 

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Intra-Spect Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 90,000,000 tons. During the current year, 26,100,000 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 Intra-Spect Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 90,000,000 tons. During the current year, 26,100,000 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

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a To determine the depletion rate per ton we divide the total acquisition cost of mineral rights b... View the full answer