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How this mine is reported on the balance sheet

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Reference no: EM132420222

Problem: Riverbed Mining Co. purchased for $8,719,200 a mine that is estimated to have 48,440,000 tons of ore and no salvage value. In the first year, 8,350,000 tons of ore are extracted.

Question 1: Show how this mine is reported on the balance sheet at the end of the first year.

Reference no: EM132420222

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