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Determine the amount of depletion expense for current year

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Reference no: EM132709494

Problem - Recording depletion - MacLean Mining Co. acquired mineral rights for $72,000,000. The mineral deposit is estimated at 120,000,000 tons. During the current year, 44,000,000 tons were mined and sold.

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

b. Illustrate the effects on the accounts and financial statements of the depletion expense.

Reference no: EM132709494

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