Answer:
$112,100
Explanation:
The depletion expense for the year is the tons of granite removed in the year divided by the total expected granite removable multiplied by the cost of acquiring the granite quarry of $590,000.
Tons of granite removed in the year is 38,000 tons
total granite removable is 200,000 tons
depletion expense=38,000/200,000*$590,000=$ 112,100.00
The depletion expense is $112,100
The appropriate journal entry would to debit depletion expense with $112,100 and credit accumulated depletion
