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Alaska Mining Co acquired mineral rights for $67500000 The mineral deposit is estimated at 30,000,000 tons. During the current year 4000000 tons were mined and sold Determine the amount

Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold.

A. Determine the amount of depletion expense for the current year.

B. Journalize the adjusting entry on December 31 to recognize the depletion expense.

Apr 03 2020 Read more Less More

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