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Journalize the adjusting entry to recognize the depletion

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Reference no: EM131761885

Chasteen Company acquired mineral rights for $9,100,000. The mineral deposit is estimated at 65,000,000 tons. During the current year, 18,375,000 tons were mined and sold.

Required:

(1) Determine the amount of depletion expense for the current year.

(2) Journalize the adjusting entry to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles.

Reference no: EM131761885

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