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Mineral rights with reserves of 200,000 tons of gold cost 3 million dollars. In year one 3000 tons are extracted, after which 5500 tons are
Mineral rights with reserves of 200,000 tons of gold cost 3 million dollars. In year one 3000 tons are extracted, after which 5500 tons are extracts each year. Compute the cost depletion for the first 10 years, assuming cost depletion is the allowable depletion method each year. Please show formulas used.
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