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How much depletion cost should be recognized

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Question - On January 1, Platinum Enterprises purchased the mining rights to a tract of land containing an estimated 160,000 tons of platinum for $2,600,000. The company estimated it would take 5 years to extract the platinum. During the year, the company extracted and sold 15,000 tons of platinum for $80,000. How much depletion cost should be recognized during the year by Platinum Enterprises?

Reference no: EM132746894

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