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ABC Company aquired mineral rights for $9,100,000. The mineral deposit is estimated at 65,000,000 tons....

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Accounting

ABC Company aquired mineral rights for $9,100,000. The mineral deposit is estimated at 65,000,000 tons. During the current year, 18,375,000 tons were mined and sold. Journalize the adjusting entry to recognize the depletion expense for the year.

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