MacMann Corp

question 13

Essay

MacMann Corp. purchased a mine on January 1, 2018, for $500,000. The mine is estimated to contain 30,000 tons of iron ore. There is no residual value. The business has extracted and sold 2,500 tons of ore in 2018. Prepare the journal entry to record depletion expense for 2018. (Round your intermediate calculations to the nearest cent.) Omit explanation.

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Definitions:

Muscular

Relating to or involving the muscles, which are tissues in the body responsible for movement.

Skeletal

Relating to the skeleton, the internal framework of bones that supports the body and facilitates movement.

Diaphragm

A muscular partition separating the thorax from the abdomen, playing a major role in breathing.