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Amount of depletion expense

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Reference no: EM13257646

Rainbow Mining Co. acquired mineral rights for$30,000,000. The mineral deposit is estimated at 75,000,000tons. During the current year, 11,250,000 tons were mined andsold.

Determine the amount of depletion expense for the currentyear.

Illustrate the effects on the accounts and financial statementsof the depletion expense.

Reference no: EM13257646

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