Hidden Hollow Mining Co. acquired mineral rights for $66,500,000. The mineral deposit is estimated at 70,000,000...

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Hidden Hollow Mining Co. acquired mineral rights for $66,500,000. The mineral deposit is estimated at 70,000,000 tons. During the current year, 21,700,000 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. Date Account Debit Credit December 31 Hidden Hollow Mining Co. acquired mineral rights for $66,500,000. The mineral deposit is estimated at 70,000,000 tons. During the current year, 21,700,000 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. Date Account Debit Credit December 31

Answer rating: 100% (QA)

a Depletion per ton Cost of mining land Estimated tons of ore 66... View the full answer