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On April 17, 2013, the Loadstone Mining Company purchased the rights to a coal mine....

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Accounting

On April 17, 2013, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $2,910,000. The company expects to extract 970,000 tons of coal during a four-year period. During 2013, 350,000 tons were extracted and sold immediately.

Calculate depletion for 2013.

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