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Calculate depletion cost per unit

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Question

Blossom Company purchased for $7.3184 million a mine that is estimated to have 45.74 million tons of ore and no salvage value. In the first year, 7.05 million tons of ore are extracted.

Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)

Depletion cost per unit $.......... per ton

Prepare the journal entry to record depletion for the first year

 

Reference no: EM132317021

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