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Determine amount of depletion expense for the current year

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Depletion

Earth's Treasures Mining Co. acquired mineral rights for $89,250,000. The mineral deposit is estimated at 85,000,000 tons. During the current year, 18,700,000 tons were mined and sold.

Question 1a. Determine the depletion rate. If required, round your answer to two decimal places.

Question 1b. Determine the amount of depletion expense for the current year.

Question 1c. Journalize the adjusting entry on December 31 to recognize the depletion expense.

Reference no: EM132465278

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