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How related accounts are reported on the december

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On July 1, 2017, Shamrock Exploration Inc. invests $1.30 million in a mine that is estimated to have 870,000 tonnes of ore. The company estimates that the property will be sold for $99,500 when production at the mine has ended. During the last six months of 2017, 88,500 tonnes of ore are mined and sold. Shamrock has a December 31 fiscal year end.

Problem 1: Show how the mine and any related accounts are reported on the December 31, 2017, balance sheet.

Reference no: EM132773235

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