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Mine-It Co. paid $2,400,000 for some mineral rights in Idaho. The deposit is estimated to contain 800,000 tons of ore of uniform grade. Record the

Mine-It Co. paid $2,400,000 for some mineral rights in Idaho. The deposit is estimated to contain 800,000 tons of ore of uniform grade. Record the depletion of this deposit on December 31, the end of the first year, assuming that 80,000 tons are mined during the year. (Omit explanation.)

DO NOT COPY FROM CHEGG I NEED FULL EXPLANATION

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