question archive Pina Corporation, a publicly traded mining company, acquires a mine at a cost of $710,000
Pina Corporation, a publicly traded mining company, acquires a mine at a cost of $710,000
Subject:FinancePrice: Bought3
Pina Corporation, a publicly traded mining company, acquires a mine at a cost of $710,000. Capitalized development costs total $129,000. After the mine is depleted, $78,000 will be spent to restore the property, after which it can be sold for $161,500. Pina estimates that 5,000 tonnes of ore can be mined. Assuming that 790 tonnes are extracted in the ?rst year, prepare the journal e ntry to record depletion. (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. Round per tonne to 2 decimal places, as. 15. 75 and ?nal answer to 0 decimal places, e.g. 1,5 75.) Account Titles and Explanation Debit Credit
