Question : 147.Fortune Drilling Company acquires a mineral deposit at a cost : 1236329
147.Fortune Drilling Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to access the deposit, which is estimated to contain 2,000,000 tons and is expected to take 5 years to extract. What journal entry would be needed to record the expense for the first year assuming 418,000 tons were mined? A.Debit Depletion Expense $1,233,100; credit Accumulated Depletion […]