Crane Corporation acquires a coal mine at a cost of $476,000. Intangible development costs total $119,000. After extraction has occurred, Crane must restore the property (estimated fair value of the obligation is $95,200), after which it can be sold for $190,400. Crane estimates that 4,760 tons of coal can be extracted. If 833 tons are extracted the first year, prepare the journal entry to record depletion. (I

Dr Depletion expense 87,465

    Cr Accumulated depletion, coal mine 87,465

Explanation:

total depreciable costs = $476,000 + $119,000 + $95,200 - $190,400 = $499,800

depletion rate = $499,800 / 4,760 tons of coal = $105 per ton of coal

depletion expense during year 1 = $105 per ton x 833 tons = $87,465

Depletion expense is similar to depreciation expense, and is primarily used by extracting companies, e.g. mines, oil companies. Accumulated depletion decreases the book value of the asset.

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