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Complete the journal entry to record the depletion for year

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A Company purchases land containing a mineral deposit for $1,000,000. The Company expects to be able to extract 250,000 tons of the mineral.

Question A.) Calculate the depletion if 50,000 tons of the mineral are mines this year

Question B.) Complete the journal entry to record the depletion for the year (Account title, debit & credit)

Reference no: EM132687826

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