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Prepare the journal entry to record the depletion for year

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Reference no: EM131795605

A company purchased mining property for 1,837,500 containing an estimated 7,350,000 tons of ore. in year 1, it mined and extracted and sold 850,000 tons of ore. calculate the depreciation expense for year 1 and prepare the journal entry to record the depletion for the year. you must show how you calculated this number.

Reference no: EM131795605

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