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Prepare the journal entry to record depletion for concord co

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Problem 1: Concord Corporation, a publicly traded mining company, acquires a mine at a cost of $510,000. Capitalized development costs total $133,000. After the mine is depleted, $80,000 will be spent to restore the property, after which it can be sold for $161,500. Concord estimates that 5,000 tonnes of ore can be mined. Assuming that 790 tonnes are extracted in the first year, prepare the journal entry to record depletion

Reference no: EM132797022

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