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Crane Company acquires a coal mine at a cost of $1750000. Intangible development costs total $362000. After extraction has occurred, Crane must restore the property
Crane Company acquires a coal mine at a cost of $1750000. Intangible development costs total $362000. After extraction has occurred, Crane must restore the property (estimated fair value of the obligation is $185000), after which it can be sold for $218000. Crane estimates that 6000 tons of coal can be extracted. What is the amount of depletion per ton? $312 $292 $347 $383
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