salter mining company purchased the northern tier mine for 68 000 000 cash the mine 354264
Aug 29, 2021 | Uncategorized
|
Salter Mining Company purchased the Northern Tier Mine for $68,000,000 cash. The mine was estimated to contain 7,500,000 tons of ore and to have a residual value of $7,700,000.
|
During the first year of mining operations at the Northern Tier Mine, 335,000 tons of ore were mined, of which 40,000 tons were sold.
| a. |
Prepare a journal entry to record depletion during the year.(Round your per tone valueto 2 decimal places and final answer to nearest whole number. Omit the “$” sign in your response.)
| b. |
Show how the Northern Tier Mine, and its accumulated depletion, would appear in Salter Mining Company’s balance sheet after the first year of operations.(Round your per tone valueto 2 decimal places and final answer to nearest whole number.Input all amounts as positive values. Omit the “$” sign in your response.)
|
|
|
