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Make the journal entry to record the first year of depletion

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Harris Company has recently purchased mineral rights for $1,000,000. There is an estimated 200,000 tons of available ore. There is no salvage value.

Required:

Problem 1: Prepare the journal entry to record the first year of depletion, assuming that 33,000 tons were extracted during the year.

Reference no: EM132702771

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