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13) Joe, Inc. acquires a copper mine at a cost of $1,000,000 in 201 0. Intangible development costs are $240,000 and the cost of tangible

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13) Joe, Inc. acquires a copper mine at a cost of $1,000,000 in 201 0. Intangible development costs are $240,000 and the cost of tangible equipment is $60,000. After extraction has occurred, Joe, Inc. must $40,000. The residual value of the tons of copper can be extracted. In the year of goods sold (depletion restore the property. The estimated fair value of the restoration cost is copper mine is $100,000. It is estimated that 5,000 acquisition, 2,100 tons were extracted and 500 tons were sold. How much cost of expense) should be recognized in 2010? What is ending inventory in 2010? What is the ending balance in the Copper Mine account

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