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Determine the amount of depletion expense

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Reference no: EM133131968

Question - Hidden Hollow Mining Co. acquired mineral rights for $52,250,000. The mineral deposit is estimated at 55,000,000 tons. During the current year, 17,050,010 tons were mined and sold.

a. Determine the depletion rate.

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

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

Reference no: EM133131968

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