Compute the amount of depletion expense

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Reference no: EM131261502

Heath Mining Company acquired a mine in 2016. Capitalized costs of the minerals were $6,000,000. The company mined 260,000 tons of ore in 2016 and on December 31, 2016, it is estimated that 3,000,000 tons of ore remained in the ground.

Compute the amount of depletion expense for 2016. (Round intermediate calculations to 2 decimal places.)

Reference no: EM131261502

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