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Everly corporation acquires a coal mine at a cost of 479200

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Everly Corporation acquires a coal mine at a cost of $479,200. Intangible development costs total $119,800. After extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $95,840), after which it can be sold for $191,680. Everly estimates that 4,792 tons of coal can be extracted. If 839 tons are extracted the first year, prepare the journal entry to record depletion.

Reference no: EM13592858

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