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How much depletion expense should Company A recognize

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Question - In January 2020, Company A leased a mineral mine for $3,550,000 with removable ore estimated by geological surveys at 2,500,000 tons. Company A incurred $1,150,000 of intangible development costs preparing the property for the extraction of ore. The present value of the cost of restoring the mine is estimated to be $250,000. During 2020, 340,000 tons were removed and 300,000 tons were sold. How much depletion expense should Company A recognize for the year ended December 31, 2020?

Reference no: EM133134682

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