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The company purchased the rights to mine a diamond mine in the amount of $910,000,000. As diamonds are extracted from the mine the associated journal
The company purchased the rights to mine a diamond mine in the amount of $910,000,000. As diamonds are extracted from the mine the associated journal entry would include a:
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a debit to depreciation expense and a credit to accumulated depreciation | |
a debit to depletion expense and a credit to accumulated depletion | |
a debit to discount on diamond mining rights and a credit to diamond mining rights | |
a debit to amortization expense and a credit to accumulated amortization | |
a debit to amortization and a credit to diamond mining rights |
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