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Rainbow mining co acquired mineral rights for30000000 the

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Rainbow Mining Co. acquired mineral rights for$30,000,000. The mineral deposit is estimated at 75,000,000tons. During the current year, 11,250,000 tons were mined and sold.

1.Determine the amount of depletion expense for the currentyear.

2.Illustrate the effects on the accounts and financial statementsof the depletion expense.

Reference no: EM13614753

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