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Silvertown operates several silver mines across the country. On January 1, 2023, it paid $3,035,000 cash to purchase a silver mine with an estimated residual
Silvertown operates several silver mines across the country. On January 1, 2023, it paid $3,035,000 cash to purchase a silver mine with an estimated residual value of $594,000. The company also incurred additional expenditures of $786,700 to prepare the mine for the extraction process. Silvertown expects to extract a total of 1,113,000 tonnes of silver from the mine over its lifetime. Prepare the journal entry to record depletion expense for the mine for 2023, assuming 156,000 tonnes of silver were mined that year. Do not enter dollar signs or commas in the input boxes. Round the per-unit rate to 2 decimal places. Round your final answer to the nearest whole number
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