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Determine the amount of depletion expense

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Reference no: EM132694362

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.

Reference no: EM132694362

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