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Calculate the company depletion expense

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Question - In 20X5, Barton Iron Ore Co purchased a mine for $200 million ($30 million was applicable to the land). An independent evaluation estimated the mine's iron ore reserves at 7.5 million tons. In 20X5, Barton Co extracted 0.9 million tons. Calculate the company's depletion expense for 20X5?

$24 million

$12.8 million

$18.6 million

$20.4 million

Reference no: EM132234153

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