Ilvertown operates several silver mines across the country. On January 1, 2023, it paid $3,067,000 cash to purchase a silver mine with an estimated residual value of $558,000. The company also incurred additional expenditures of $392,600 to prepare the mine for the extraction process. Silvertown expects to extract a total of 1,116,000 tonnes of silver from the mine over its lifetime. 

Prepare the journal entry to record depletion expense for the mine for 2023, assuming 147,000 tonnes of silver were mined that year.

Answer rating: 100% (QA)

Here is the journal entry to record depletion expense for the silver mine for ... View the full answer