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The Weber Company purchased a mining site for $625,647.00 on July 1. The company expects...

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Accounting

The Weber Company purchased a mining site for $625,647.00 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 90,021 tons will be recovered. The estimated residual value of the property is $59,788.00. During the first year the company extracted 6,492 tons of ore. What is the depletion expense for the first year?

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