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Exercise 11-11 Depletion [LO11-3] On April 17, 2013, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs
Exercise 11-11 Depletion [LO11-3] On April 17, 2013, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $5,640,000. The company expects to extract 940,000 tons of coal during a four-year period. During 2013, 244,000 tons were extracted and sold immediately. Required: 1. Calculate depletion for 2013
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