For the year ABC mined 13,000 tons and sold 9,000 tons. What is the total depletion and the depletion expense?
A. $325,000 & $225,000
B. $325,000 & $325,000
C. $225,000 & $225,000
D. $275,000 & $225,000
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isrecordedonlybytheacquiringentitywhenitbuysanothercompany.
Ingeneral,acompanydisposesafixedassetbyselling it or it.
Torecordthedisposal,credittheassetaccountanddebititsto removetheseaccountsfromthebooks.
ondisposalofmachinedecreasesnetincome,andondisposaloffurnitureincreasesnetincome.