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Record the adjusting entry for the gravel pit on December 31 2022 that was acquired on January 1 2022 at cost $24,000. The company estimates

Record the adjusting entry for the gravel pit on December 31 2022 that was acquired on January 1 2022 at cost $24,000. The company estimates that 30,000 tons of gravel can be extracted economically. When all the gravel has been extracted, no residual value is anticipated. During 2022, 4,000 tons were extracted and sold

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