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What would be the journal entry to record depletion

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Problem 1: Kahn Mining Company purchased a mine for $60 million, which is estimated to have 250,000 tons of ore and a salvage value of $10 million. In the first year, 50,000 tons of ore are extracted and sold. What would be the journal entry to record depletion for the first year.

Reference no: EM132939836

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