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What is the depletion expense for the first year

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Question - A coal company invests $10 million in a mine estimated to have 15 million tons of coal and no salvage value. It is expected that the mine will be in operation for 5 years. In the first year, 1050000 tons of coal are extracted and sold. What is the depletion expense for the first year?

Cannot be determined from the information provided

$70000

$420000

$700000

Reference no: EM131828492

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