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Journalize adjusting entry to recognize depletion expense

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Reference no: EM132877881

Problem -Depletion entries - Ashwood Mining Co. acquired mineral rights for $15,000,000. The mineral deposit is estimated at 120,000,000 tons. During the current year, 24,000,000 tons were mined and sold.

Required -

a. Determine the amount of depletion expense for the current year.

b. Journalize the adjusting entry to recognize the depletion expense.

Reference no: EM132877881

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