A natural resource depletes by an estimated $35,000 in the year. The journal entry will includeSelect answer from the options belowcredit to accumulated depletion $35,000debit to accumulated depreciation $35,000credit to cash $35,000credit to depletion expense $35,000

The treatment of depletion for natural resources is the same as the treatment of depreciation for property, plant and equipment in all of the following ways EXCEPTSelect answer from the options belownatural resource assets use an accumulated depletion account to show the carrying amount of the asset.the depletion base per unit of a natural resource needs to be revised whenever the estimated total units of production changes.impairments on natural resource assets are recorded through accumulated depletion.depletion expense on natural resources is charged to the income statement through cost of goods sold.

Depletion is typically computed by dividing the cost of the resource by the estimated quantity of recoverable reserves

Depletion is a systematic allocation of cost or other basic value of a wasting asset over the period the natural resource is extracted or produced.Group of answer choicesTrueFalse

A company sells a plant asset which originally cost $360,000 for $120,000 on December 31, 2021. The Accumulated Depreciation account had a balance of $144,000 after the current year's depreciation of $36,000 had been recorded. The company should recognize aGroup of answer choices$240,000 loss on disposal.$96,000 gain on disposal.$96,000 loss on disposal.$60,000 loss on disposal.

Depletion expense on natural resources is charged to the income statement throughSelect answer from the options belowoperating expenditures. ending inventory.  other revenues and expenses.cost of goods sold.