Essay
A company purchased mining property containing 7,350,000 tons of ore for $1,837,500.In Year 1,it mined and sold 857,000 tons of ore and in Year 2,it mined and sold 943,000 tons of ore.Calculate the depletion expense for Year 1 and Year 2.What was the book value of the property at the end of Year 2?
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$1,837,500/7,350,000 tons = $0.25 per to...View Answer
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