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Determine the amount of depletion expense for current year

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Reference no: EM133127399

Question - Carolina Company acquired Mineral rights o for $20,000,000. The Mineral deposit is estimated at 50,000,000 tons. During the current year,12,000,000 tons were mined and sold.

(a) Determine the amount of depletion expense for the current year.

(b) Journalize the adjusting entry to recognize the depletion expense.

Reference no: EM133127399

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