Your answer is partially correct. Sheridan Corporation acquires a coal mine at a cost of...
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Your answer is partially correct. Sheridan Corporation acquires a coal mine at a cost of $428,000. Intangible development costs total $107.000. After extraction has occurred, Sheridan must restore the property (estimated fair value of the obligation is $85,600), after which it can be sold for $171,200. Sheridan estimates that 4,280 tons of coal can be extracted. 14 749 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later
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