Prepare journal entry to record depletion expense

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Problem - Red Valley purchased the Stokes Mine for Rs. 60 million. The mine was estimated to contain 6 million tons of anthracite coal and to have a residual value of RS. 12 million. During the first year of mining operations of the Stokes Mine, 600,000 tons of anthracite were mined. Prepare journal entry to record depletion expense.

Reference no: EM132950256

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