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Question - Depletion - Intra-Spect Mining Co. acquired mineral rights for $49,000,000. The mineral deposit is estimated at 35,000,000 tons. During the current year, 7,700,000 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.
c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.
a. Determine the variable cost per unit and the fixed cost. b. Based on part (a), estimate the total cost for 10,000 units of production.
the following items appeared in the accounting records of trigueros a retail music store that also sponsors concerts.
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