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What the depletion expense is

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Reference no: EM132742010

Question: 1. The Weber Company purchased a mining site for $543,638 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 86,308 tons will be recovered. During the first year the company extracted 6,083 tons of ore. The depletion expense is?

2. Machinery was purchased on January 1 for $72,000. The machinery has an estimated life of 7 years and an estimated salvage value of $9,000. Double-declining-balance depreciation for the second year would be?

Reference no: EM132742010

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