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Last Chance Mine (LC) purchased a coal deposit for $780,000. Itestimated it would extract 12,000 tons of coal from the deposit. LCmined the coal and

Last Chance Mine (LC) purchased a coal deposit for $780,000. Itestimated it would extract 12,000 tons of coal from the deposit. LCmined the coal and sold it reporting gross receipts of $1 millionfo 2 answers

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