Glacier Mining Co. acquired mineral rights for $494,000,000. The mineral deposit is estimated at 475,000,000 tons. During the current year, 31,500,000 tons were mined and sold. Required: A. Determine the depletion rate. B. Determine the amount of depletion expense for the current year. C. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles.

a. Depletion rate:

= Mineral rights acquisition costs / Estimated mineral deposits

= 494,000,000 / 475,000,000

= $1.04 per ton

b. Depletion expense for current year:

= Depletion rate * Minerals mined and sold in current year in tons

= 1.04 * 31,500,000

= $32,760,000

c. Journal entries:

Date                Account title                                      Debit              Credit

12/31-20XX     Depletion expense                        $32,760,000

                       Accumulated Depreciation                                 $32,760,000  

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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