Horshack Mining Company Purchases a Gravel Pit for $5,000,000

question 80

Multiple Choice

Horshack Mining Company purchases a gravel pit for $5,000,000.It estimates that 10,000,000 tons of gravel can be extracted over the pit's useful life.If 1,860,000 tons are extracted and sold during the first year,the entry to record depletion expense will include

• A)debit to Depletion Expense,930,000;credit to Accumulated Depletion,930,000.
• B)debit to Depletion Expense,232,500;credit to Accumulated Depletion,232,500.
• C)debit to Accumulated Depletion,930,000;credit to Depletion Expense,930,000.
• D)debit to Depletion Expense,465,000;credit to Accumulated Depletion,465,000.

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Definitions:

Outer Class

An outer class refers to a class that is not nested within another class. It can be contrasted with inner classes.

Public

A keyword in programming that specifies an element is accessible from any other class in the program.

Private

An access modifier in object-oriented programming that restricts visibility or access to members of a class exclusively within that class.

Interface

A point of interaction between components, often used to define shared boundaries in software.