Dechter Company acquired a mine for $1,800,000 which has an estimated residual value of $300,000 and contains an estimated 1,500,000 tons of coal. If 230,000 tons of coal are mined and sold during the first year, the entry to record the depletion charge is:
A) Accumulated Depletion-Coal Deposits 230,000 Depletion Expense-Coal Deposits 230,000
B) Accumulated Depreciation-Asset 276,000 Asset 276,000
C) Depletion Expense-Coal Deposits 230,000 Accumulated Depletion-Coal Deposits 230,000
D) Accumulated Depletion-Coal Deposits 230,000 Coal Deposits 230,000
C
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Indicate whether the statement is true or false.
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