178. A company purchased mining property containing 7,350,000 tons of ore for $1,837,500. In 2009 it mined and sold 857,000 tons of ore and in 2010 it mined and sold 943,000 tons of ore. Calculate the...

178. A company purchased mining property containing 7,350,000 tons of ore for $1,837,500. In 2009 it mined and sold 857,000 tons of ore and in 2010 it mined and sold 943,000 tons of ore. Calculate the depletion expense for 2009 and 2010. What was the book value of the property at the end of 2010?

179. On January 2 of the current year, a company purchased a patent for $35,000 with a useful life of 10 years. Prepare the journal entry to amortize the patent at the end of the first year.

180. A company purchased a leasehold property for $8,400,000. The leasehold expires in 15 years. Prepare the journal entry to record the first year's amortization expense.

181. A company purchased a music distributor's collection of lyrics and songs for $1,425,000. The copyrights are expected to last another 30 years. Prepare the journal entry to record the amortization expense for the first year.