A company purchased a mineral deposit for $800,000. It expects this property to produce 120,000...
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Accounting
A company purchased a mineral deposit for $800,000. It expects this property to produce 120,000 tons of minerals and to have a salvage value of $50,000. In the current year, the company mined and sold 9,000 tons of minerals. Its depletion expense for the current period equals:
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