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On April 17, 2018, the Loadstone Mining Company purchased the rights to a coal mine....

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On April 17, 2018, 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 $5,200,000. The company expects to extract 1,040,000 tons of coal during a four-year period. During 2018, 254,000 tons were extracted and sold immediately. Required: 1. Calculate depletion for 2018. Depletion

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