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a. Diamond Company acquires an ore mine at a cost of $1,300,000. It incurs additional costs of $200,000 to access the mine, which is estimated to hold 500,000 tons of ore. 90,000 tons of ore are mined and sold the first year.. The estimated value of the land after the ore is removed is $150,000. Calculate the depletion expense from the information given.
Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit (#.##) Units extracted and sold in period Depletion expense
1. Prepare the entry to record the cost of the ore mine.2. Prepare the year-end adjusting entry.
cal farms reported supplies expense of 1600000 this year. the supplies account decreased by 280000 during the year to
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