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Prepare the journal entry to record depletion

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Reference no: EM133105839

Question - Blossom Mining Company purchased a mine for $65 million, which is estimated to have 220,000 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, 145,000 tons of ore are extracted but only 120,000 tons are sold.

Prepare the journal entry to record depletion for the first year.

Reference no: EM133105839

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