Salter Mining Company purchased the Northern Tier Mine for $68,000,000 cash. The mine was estimated to contain 7,500,000 tons of ore and to have a residual value of $7,700,000.
During the first year of mining operations at the Northern Tier Mine, 335,000 tons of ore were mined, of which 40,000 tons were sold.
a.
Prepare a journal entry to record depletion during the year. (Round your per tone value to 2 decimal places and final answer to nearest whole number. Omit the “$” sign in your response.)
b.
Show how the Northern Tier Mine, and its accumulated depletion, would appear in Salter Mining Company’s balance sheet after the first year of operations. (Round your per tone value to 2 decimal places and final answer to nearest whole number. Input all amounts as positive values. Omit the “$” sign in your response.)
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