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Gimli Miners recently purchased the rights to a diamond mine. It is estimated that there are one million tons of ore within the mine. Gimli paid $23,100,000 for the rights and expects to harvest the ore over the next ten years.
The following is the expected extraction for the next five years.
Year 1: 50,000 tonsYear 2: 90,000 tonsYear 3: 100,000 tons (130k)Year 4: 110,000 tons (140k)Year 5: 130,000 tons (160k)
Problem 1: Calculate the depletion expense for the next five years, and create the journal entry for year one.
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