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Determine the depletion rate

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Reference no: EM132682060

Problem - Silver Tip Mining Co. acquired mineral rights for $300,000,000. The mineral deposit is estimated at 400,000,000 tons. During the current year, 84,000,000 tons were mined and sold.

Required -

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: EM132682060

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