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Franceour Mining Co. purchased for $7,125,000a mine that is estimated to have37,500,000tons of ore and no salvage value. In the first year,6,570,000tons of ore are

Franceour Mining Co. purchased for $7,125,000a mine that is estimated to have37,500,000tons of ore and no salvage value. In the first year,6,570,000tons of ore are extracted.

depletion cost per unit is $0.19 per ton

Prepare the journal entry to record depletion for the first year.

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