A company purchased mineral land estimated to contain

Reference no: EM13596533

A company purchased mineral land estimated to contain 200,000 tons of recoverable ore. It installed machinery costing $120,000, having a 12 year life and no salvage value, and capable of exhausting the mine in ten years. If during the first full year's operation the company mined and sold 25,000 tons of ore, it should record depreciation on the machinery for the year in the amount.

Reference no: EM13596533

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