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Prepare the journal entry to record depletion

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Question - Novak Corporation acquires a coal mine at a cost of $500,000. Intangible development costs total $125,000. After extraction has occurred, Novak must restore the property (estimated fair value of the obligation is $100,000), after which it can be sold for $200,000. Novak estimates that 5,000 tons of coal can be extracted.

If 875 tons are extracted the first year, prepare the journal entry to record depletion.

Reference no: EM132441593

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