S 8-10 (Algo) Computing revised depreciation LO C2 On January 1, the Matthews Band pays $66,800 for sound equipment. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. The salvage value is not changed. Compute the revised depreciation for both the second and third years. Book value at point of revision Remaining depreciable cost Depreciation per year for years 2 and 3 QS 8-13 (Algo) Natural resources and depletion LO P3 Perez Company acquires an ore mine at a cost of $3,920,000. It incurs additional costs of $1,097,600 to access the mine, which is estimated to hold 2,800,000 tons of ore. 270,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $560,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal Calculate the depletion expense from the information given. (Round "Depletion per unit" to 3 decimal places.) Cost Salvage Amount subject to depletion. Total units of capacity Depletion per unit Units extracted and sold in period Depletion expense General Journal > Perez Company acquires an ore mine at a cost of $3,920,000. It incurs additional costs of $1,097,600 to access the mine, which is estimated to hold 2,800,000 tons of ore. 270,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $560,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal Prepare the entry to record the cost of the ore mine and year-end adjusting entry. View transaction list Journal entry worksheet < A B Record the cost of the ore mine in cash. Note: Enter debits before credits Transaction 1 General Journal Debit Credit A