Question Details

Lakeside Enterprises purchased natural resources 


BE 1
Miley Enterprises sold equipment on January 1, 2011 for ₤5,000. The equipment had cost ₤24,000. The balance in Accumulated Depreciation at January 1 is ₤20,000. What entry would Robot make to record the sale of the equipment?


BE 2
On January 1, 2011, Lakeside Enterprises purchased natural resources for $1,800,000. The company expects the resources to produce 12,000,000 units of product. (1) What is the depletion cost per unit? (2) If the company mined and sold 20,000 units in January, what is depletion expense for the month?


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