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JKJ invests $5.5 million in a mine that is estimated to have 5 million ounces of uranium and a $500,000 residual value. In the first
JKJ invests $5.5 million in a mine that is estimated to have 5 million ounces of uranium and a $500,000 residual value. In the first year, 500,000 ounces of uranium are extracted, what will the entry include?
debit to cost of goods sold $400,000
debit to accumulated depletion $400,000
credit to inventory $400,000
debit to inventory $400,000
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