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How much depletion cost should be recognized during the year

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Reference no: EM132762786

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.

Problem 1: How much depletion cost should be recognized during the year by Platinum Enterprises?

Reference no: EM132762786

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