Perez Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. The estimated value of the land after the ore is removed is $200,000.1. Prepare the entry(ies) to record the cost of the ore mine.2. Prepare the year-end adjusting entry if 180,000 tons of ore are mined and sold the first year.3. Calculate the depletion expense from the information given.

1. Date   Account titles and explanation         Debit            Credit

              Ore mine                                           $1,400,000

                    Cash                                                                  $1,400,000

          (To record ore mine cost)

2. Date   Account titles and explanation         Debit         Credit

               Depletion expenses                       $288,000

                       Accumulated depletion                               $288,000

               (To record depletion expenses)

3. Particulars                                 Amount

Cost                                                 $1,800,000 ($1,400,000+$400,000)

Salvage                                           $200,000

Amount subject to depletion         $1,600,000 ($1,800,000 - $200,000)

Total units of capacity                    1,000,000

Depletion per unit                              $1.6 ($1,600,000/1,000,000)

Units extracted & sold in period    180,000

Depletion expense                         $288,000 (180,000*$1.6)

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