45. In January of 2025, Yager Corporation purchased a minera…

45. In January of 2025, Yager Corporation purchased a mineral mine for $5,100,000 with removable ore estimated by geological surveys at 2,000,000 tons. The property has an estimated value of $300,000 after the ore has been extracted. The company incurred $1,500,000 of development costs preparing the mine for production. In 2025, 600,000 tons were removed, and 480,000 tons were sold. What amount of depletion should Yager expense for 2025?

50. During the current fiscal year, Keenum Corp. signed a lo…

50. During the current fiscal year, Keenum Corp. signed a long-term noncancellable purchase commitment with its primary supplier. Keenum agreed to purchase $2.62 million of raw materials during the next fiscal year under this contract. At the end of the current fiscal year, the raw material to be purchased under this contract had a market value of $3.90 million. What is the journal entry at the end of the current fiscal year? a: Estimated Liability on Purchase Commitment            Gain on Purchase Commitment 1,280,000   1,280,000 b: Loss on Purchase Commitment             Estimated Liability on Purchase Commitment 1,340,000   1,340,000 c: Loss on Purchase Commitment             Estimated Liability on Purchase Commitment 1,280,000   1,280,000 d: No journal entry is required