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Silver Tip Mining Co acquired mineral rights for $300000000 The mineral deposit is estimated at 400000000 tons During the current year 84000000 tons were mined and sold Determine the

Silver Tip Mining Co. acquired mineral rights for $300,000,000. The mineral deposit is estimated at 400,000,000 tons. During the current year, 84,000,000 tons were mined and sold.a. Determine the depletion rate.b. Determine the amount of depletion expense for the current year.c. Journalize the adjusting entry on December 31 to recognize the depletion expense

May 21 2020 View more View Less

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