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Find and prepare the journal entry to record depletion

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Problem 1: Riverbed Corporation, a publicly traded mining company, acquires a mine at a cost of $620,000. Capitalized development costs total $125,500. After the mine is depleted, $79,000 will be spent to restore the property, after which it can be sold for $157,500. Riverbed estimates that 5,000 tonnes of ore can be mined. Assuming that 880 tonnes are extracted in the first year, prepare the journal entry to record depletion.

Reference no: EM132809613

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