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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 $5,400,000 on January 1. The mine is expected to provide 1,260,000 tons of copper. Atlas also purchased equipment on June 30 for $108,000(residual value $9,000) that will be used for this mine and other projects. The equipments estimated useful life is 6 years. During the year, the company extracted 90,000 tons of copper and sold 54,000 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 straight-line 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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