10. (LO 5) AP Titus Proudfoot Company expects to extract 20 mil- lion tonnes of coal...
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10. (LO 5) AP Titus Proudfoot Company expects to extract 20 mil- lion tonnes of coal from a mine that cost $12 million. If no residual value is expected and 2 million tonnes are mined in the first year, the entry to record depletion will include a: a. debit to Accumulated Depletion for $2,000,000. b. credit to Depletion Expense of $1,200,000. c. debit to Inventory of $1,200,000. d. credit to Accumulated Depletion of $2,000,000. 10. (LO 5) AP Titus Proudfoot Company expects to extract 20 mil- lion tonnes of coal from a mine that cost $12 million. If no residual value is expected and 2 million tonnes are mined in the first year, the entry to record depletion will include a: a. debit to Accumulated Depletion for $2,000,000. b. credit to Depletion Expense of $1,200,000. c. debit to Inventory of $1,200,000. d. credit to Accumulated Depletion of $2,000,000.
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