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Determine the amount of depletion expense for current year

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Reference no: EM133056602

Question - Intra-Spect Mining Co. acquired mineral rights for $54,250,000. The mineral deposit is estimated at 35,000,000 tons. During the current year, 10,850,000 tons were mined and sold.

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

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

Reference no: EM133056602

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