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Business, 09.12.2021 14:30 lilque3448

In January 2019, the Lucky Mine Company purchased a mineral mine for $3,400,000 with removable ore estimated at 4,000,000 tons. The property has an estimated value of $200,000 after the ore has been extracted. The company incurred $800,000 of development costs preparing the mine for production. During 2019, 400,000 tons were removed and 375,000 tons were sold. What is the amount of depletion expense that Lucky Mine should record for 2019

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In January 2019, the Lucky Mine Company purchased a mineral mine for $3,400,000 with removable ore e...
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