$82\%$

$5$:$1818$

Current Attempt in Progress

Pharoah Mining purchased for $5,977,200$ a mine that is estimated to have $49,810,000$ tons of ore and no residual value. In the first year, $12,090,000$ tons of ore are extracted

$($a$)$

Your Answer

Correct Answer $($Used$)$

Your answer is partially correct.

Calculate depletion cost per ton. $($Round answer to $2$ decimal places, e$.$g$.0\mathrm{.}50.)$

Depletion cost per ton $,$:$\text{'}$

Prepare the journal entry to record depletion for the first year. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Depletion

Accumulated Depletion $$

$1450800$

eTextbook and Media

Solution

List of Accounts

Attempts: $3$ of $3$ used

$($b$)$

Show how this mine is reported on the statement of financial position at the end of the first year.

$,$

v $$

$$

eTextbook and Media

List of Accounts

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Attempts: $0$ of $3$ used