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Sunland Company purchased for $10,630,400 a mine that is estimated to have 48,320,000 tons of ore and no salvage value. In the first year, 6,440,000

Sunland Company purchased for $10,630,400 a mine that is estimated to have 48,320,000 tons of ore and no salvage value. In the first year, 6,440,000 tons of ore are extracted.

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Show how this mine is reported on the balance sheet at the end of the first year. Sunland Company Balance Sheet (Partial) $ V: $

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