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Business, 19.12.2019 19:31 Goodgirlkl12k

Kingbird corporation acquires a coal mine at a cost of $424,000. intangible development costs total $106,000. after extraction has occurred, kingbird must restore the property (estimated fair value of the obligation is $84,800), after which it can be sold for $169,600. kingbird estimates that 4,240 tons of coal can be extracted. if 742 tons are extracted the first year, prepare the journal entry to record depletion.

description/accoun debit credit

restoration costsdevelopment costs

accumulated depletioninventory

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Kingbird corporation acquires a coal mine at a cost of $424,000. intangible development costs total...
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