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Calculating Depletion, Depreciation, and Ending Inventory Atlas Company purchased the rights to a copper mine for $ 5 , 4 0 0 , 0 0
Calculating Depletion, Depreciation, and Ending InventoryAtlas Company purchased the rights to a copper mine for $ on January The mine is expected to provide tons of copper. Atlas also purchased equipment on June for $residual value $ that will be used for this mine and other projects. The equipments estimated useful life is years. During the year, the company extracted tons of copper and sold tons.a Calculate depletion for the year. Note: Use the Result from above EXACTLY as shown in your calculation below.Annual depletion: $Answerb. Calculate depreciation expense for the year assuming the company uses straightline depreciation.Note: Round your final answer to the nearest dollar.Depreciation expense: $Answerc. Determine ending inventory of copper for this year.Ending inventory: $Answer
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