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Example (3): Assume that Lane Coal Company invests $5 million in a mine estimated to have 10 million tons of coal and no salvage value.

Example (3): Assume that Lane Coal Company invests $5 million in a mine estimated to have 10 million tons of coal and no salvage value. In the first year, Lane extracts and sells 800,000 tons of coal. Compute depletion and record the entry

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