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

### Question Description:

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