Blossom Corporation acquires a coal mine at a cost of $467,400. Intangible development costs total...
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Blossom Corporation acquires a coal mine at a cost of $ Intangible development costs total $ After extraction has occurred, Blossom must restore the property estimated fair value of the obligation is $ after which it can be sold for $ Blossom estimates that tons of coal can be extracted.
If tons are extracted the first year, prepare the journal entry to record depletion. If no entry is required, select No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.
Account Titles and Explanation
Debit
Credit
Answer & Explanation
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