Prepare the year-end adjusting entry if 90,000 tons of ore are mined and sold the first year.


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29.99

Prepare the year-end adjusting entry if 90,000 tons of ore are mined and sold the first year. 1 answer below » 1. Horizon Co. owns equipment that cost $138,750, with accumulated depreciation of $81,000. Horizon sells the equipment for cash. Record the sale of the equipment assuming Horizon sells the equipment for (a) $63,000 cash, (b) $57,750 cash, and (c) $46,500 cash. 2. Diamond Company acquires an ore mine at a cost of $1,300,000. It incurs additional costs of $200,000 to access the mine, which is estimated to hold 500,000 tons of ore. The estimated value of the land after the ore is removed is $150,000. a. Prepare the entry(ies) to record the cost of the ore mine. b. Prepare the year-end adjusting View complete question » 1. Horizon Co. owns equipment that cost $138,750, with accumulated depreciation of $81,000. Horizon sells the equipment for cash. Record the sale of the equipment assuming Horizon sells the equipment for (a) $63,000 cash, (b) $57,750 cash, and (c) $46,500 cash. 2. Diamond Company acquires an ore mine at a cost of $1,300,000. It incurs additional costs of $200,000 to access the mine, which is estimated to hold 500,000 tons of ore. The estimated value of the land after the ore is removed is $150,000. a. Prepare the entry(ies) to record the cost of the ore mine. b. Prepare the year-end adjusting entry if 90,000 tons of ore are mined and sold the first year. View less » Jul 24 2014 07:49 AM

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29.99