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G Works acquired the rights to a mine for $350,000,000.00. The mine is estimated to...

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Accounting

G Works acquired the rights to a mine for $350,000,000.00. The mine is estimated to hold 400,000 tons. During the year 100,000 tons were extracted and sold. Required: a) Determine the depletion rate

b) Determine the depletion expense for the current year.

c) Prepare the adjustment entry at December 31 to recognize depletion expense. exhaustion.

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