Marigold Corp. purchased for $5,274,000 a mine that is estimated to have 52,740,000 tons of ore...

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Marigold Corp. purchased for $5,274,000 a mine that is estimated to have 52,740,000 tons of ore and no salvage value. In the first year, 5,790,000 tons of ore are extracted. (a1) Your answer is correct. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ 0.1 per ton eTextbook and Media List of Accounts Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Inventory 579000 Accumulated Depletion 579000 Show how this mine is reported on the balance sheet at the end of the first year. Marigold Corp. Balance Sheet (Partial) Less V: Accumulated Depletion Marigold Corp. purchased for $5,274,000 a mine that is estimated to have 52,740,000 tons of ore and no salvage value. In the first year, 5,790,000 tons of ore are extracted. (a1) Your answer is correct. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ 0.1 per ton eTextbook and Media List of Accounts Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Inventory 579000 Accumulated Depletion 579000 Show how this mine is reported on the balance sheet at the end of the first year. Marigold Corp. Balance Sheet (Partial) Less V: Accumulated Depletion

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C R Marigold Purchased for Jer 5274000 Mine estimated 52 740000 of ore no salvage ... View the full answer