Intra-Spect Mining Co. acquired mineral rights for $153,000,000. The mineral deposit is estimated at 90,000,000 tons. During the current year, 23,400,000 tons were mined and sold. Required:
a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places.
b. Journalize the adjusting entry on December 31 to recognize the depletion expense.

At april 1, 2019, the food and drug administration is in the process of investigating allegations of false marketing claims by hulkly muscle supplements. the fda has not yet proposed a penalty assessment. hulkly’s fiscal year ends on december 31, 2018. the company’s financial statements are issued in april 2019. required: for each of the following scenarios, determine the appropriate way to report the situation. 1. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 2. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is probable. 3. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 4. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is probable.