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Journalize the depletion expense at the end of accounting

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Reference no: EM132822800

Problem 1: A mining company purchased a coal mine on Jan 1 2019 for $2,800,000. The estimated capacity of the mine is 1,750,000 tons of coal and the estimated residual value is zero. They had extracted 210,000 tons of coal for the period. Journalize the depletion expense at the end of the accounting period.

Reference no: EM132822800

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