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What is the depletion rate per ton of coal

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Reference no: EM132885581

Problem - Lorton Company acquired land containing coal. Lorton will restore the land to a condition suitable for recreational use after it has extracted the coal. Geological surveys estimate that the recoverable reserves will be 4,000,000 tons and that the land will have a value of \$ 1$1 million after restoration. Relevant cost information follows:

Land $12,000,000

Estimated fair value of retirement obligation $1,200,000

Required - If Lorton maintains no inventories of coal, what is the depletion rate per ton of coal?

Reference no: EM132885581

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