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6) On January 1, Tantrum Mining Inc. purchased the right to remove mineral ore from land owned by the government for $880,000. The land is
6) On January 1, Tantrum Mining Inc. purchased the right to remove mineral ore from land owned by the government for $880,000. The land is estimated to hold 40,000 tons of ore. In the first year, Tantrum extracted and sold 6,000 tons of ore. a. Give Tantrum's journal entry to record depletion for the year. b. How does depletion expense differ from depreciation expense
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