Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 15 Sep 2017 My Price 4.00

Idaho Mining Co.

On April 2, 2011, Idaho Mining Co. pays $3,769,460 for an ore deposit containing 1,447,000 tons. The company installs machinery in the mine costing $191,200, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is completely mined. Idaho begins mining on May 1, 2011, and mines and sells 156,500 tons of ore during the remaining eight months of 2011.


Prepare the December 31, 2011, entries to record the ore deposit depletion and then the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mine%u2019s depletion

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Sep 2017 09:09 AM My Price 4.00

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