List Of Accounts Accumulated Depreciation—Building Accumulated Depreciation—Equi

Question

List Of Accounts

Accumulated Depreciation—Building
Accumulated Depreciation—Equipment
Accumulated Depreciation—Machinery
Accumulated Depreciation—Plant Assets
Accumulated Depreciation—Trucks
Buildings
Cash
Coal Mine
Depreciation Expense
Equipment
Gain on Disposal of Machinery
Inventory
Loss on Disposal of Plant Assets
Loss on Impairment
Machinery
Maintenance and Repairs Expense
No Entry
Paid-in Capital in Excess of Par - Common Stock
Plant Assets
Recovery of Loss from Impairment
Retained Earnings
Trucks Brief Exercise 11-9 Your answer is partially correct. Try again. Everly Corporation acquires a coal mine at a cost of $400,000. Intangible development costs total $100,000. After extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $80,000), after which it can be sold for $160,000. Everly estimates that 4,000 tons of coal can be extracted If 700 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Inventory 73500 Accumulated Depreciation-Plant Assets 73500

Explanation / Answer

Inventory 73500        Coal mine 73500

Related Questions

Navigate

• Browse (All)
• Browse L
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.