Record the effect of the purchase of the mine

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Question - On January 2, 20X1, Big Coal Company bought a coal mine for $5,500,000. Big Coal expects to mine 2,750,000 tons of coal from the mine. By December 31, 20X1, Big Coal has extracted 356,000 tons of coal. Using T accounts, record the effect of the purchase of the mine and any depletion expense Big Coal Company should record for the year.

Reference no: EM133152800

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