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A company purchased mining property for $1, 837, 500 containing an estimated 7, 350,000 tons of ore. In Year 1, it mined and extracted and

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A company purchased mining property for $1, 837, 500 containing an estimated 7, 350,000 tons of ore. In Year 1, it mined and extracted and sold 850,000 tons of ore. Calculate the depletion expense for Year 1 and prepare the journal entry to record the depletion for the year. You must show how you calculated this number. Journal entry: DateAccount NameDebit Credit

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