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Prepare the journal entry to record depletion

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Question - Culver Corporation, a publicly traded mining company, acquires a mine at a cost of $620,000. Capitalized development costs total $134,500. After the mine is depleted, $80,000 will be spent to restore the property, after which it can be sold for $159,000. Culver estimates that 5,000 tonnes of ore can be mined. Assuming that 850 tonnes are extracted in the first year, prepare the journal entry to record depletion.

Reference no: EM132908023

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