Jackie Chan Mining purchased for 7 million a mine that is estimated to have 28 million tons
Question:
Jackie Chan Mining purchased for ¥7 million a mine that is estimated to have 28 million tons of ore and no residual value. In the first year, 4.7 million tons of ore are extracted.
a. Prepare the journal entry to record depletion for the first year.
b. Show how this mine is reported on the statement of financial position at the end of the first year.
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a Depletion cost per unit 7000000 28000000 025 dep...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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