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Calculate the book value of the mine

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Question - In January of the current year, Allegro Co. Purchased the Exbar Mine at a cost of $25,000,000. The mine was estimated to contain 1,000,000 tons of ore and have a residual value of $2,500,000 after mining operations are completed. During the year, 315,000 tons of ore were removed from the min and sold. At year-end, calculate the book value of the mine.

Reference no: EM131715174

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