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Determine the depletion rate per ton

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Petronila Company acquired mineral rights for $50,000,000. The mineral deposit estimated at 5,000,000 tons. During the year 2020, 1,000,000 tons mined and sold.

Problem 1. Determine the depletion rate per ton.

Problem 2. Determine the amount of depletion expense for the current year.

Problem 3. Journalize including the adjusting entry to recognize the depletion expense.

Reference no: EM132669685

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