Make the journal entry to record depletion

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Marigold Corporation, a publicly traded mining company, acquires a mine at a cost of $620,000. Capitalized development costs total $132,000. After the mine is depleted, $80,500 will be spent to restore the property, after which it can be sold for $157,500. Marigold estimates that 5,000 tonnes of ore can be mined. Assuming that 890 tonnes are extracted in the first year,

Problem 1: Make the journal entry to record depletion

Reference no: EM132808984

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