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Prepare journal entry to record depletion for second year

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Problem 1: Kahn Mining Company purchased a mine for $60 million, which is estimated to have 250,000 tons of ore and a salvage value of $10 million. In the first year, 50,000 tons of ore are extracted and sold. In the second year, 150,000 tons of ore are extracted but only 125,000 tons are sold. Prepare the journal entry to record depletion for the second year.

Reference no: EM132939825

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