Question

Sands Company purchased mining rights for $500,000. It expects to harvest 1 million tons of ore over the next 5 years. During the current year, Sands mined 350,000 tons of ore. The journal entry for the depletion would include a

a. debit to Depletion Expense for $175,000

b. credit to Depletion Expense for $350,000

c. debit to Accumulated Depletion for $175,000

d. credit to Accumulated Depletion for $350,000

Answer

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