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 $2,790,000. The company expects to extract 930,000 tons of coal during a four-year period. During 2018, 350,000 tons were extracted and sold immediately. Required:1. Calculate depletion for 2018.
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