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Problem - Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold.
Required -
a. Determine the amount of depletion expense for the current year.
b. Journalize the adjusting entry on December 31 to recognize the depletion expense.
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Race decided to use the equity method to account for this investment. What was the non-controlling interest's share of consolidated net income?
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