Mayfair mining Company had total depletable capitalized costs of $656,000 for a mine acquired in early 2013. It was estimated that the mine contained 820,000 tons of recoverable ore when production ...
... began. During 2013, 20,500 tons were mined, and 41,000 tons were mined in 2014. Compute the depletion expense in 2013 and 2014 for financial accounting purposes. What accounts will be debited and credit to record the depletion?
For 2013 the depreciation will be $7,200 and for 2014: $6,200
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