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Business, 27.09.2019 22:10 DwayneLeonard618

Lucky strike mine (llc) purchased a silver deposit for $1,500,000. it estimated it would extract 500,000 ounces of silver from the deposit. lucky strike mined the silver and sold it reporting gross receipts of $1.8 million, $2.5 million, and $2 million for years 1 through 3, respectively. during years 1 - 3, lucky strike reported net income (loss) from the silver deposit activity in the amount of ($100,000), $400,000, and $100,000, respectively. in years 1 - 3, lucky strike actually extracted 300,000 ounces of silver as follows:

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Lucky strike mine (llc) purchased a silver deposit for $1,500,000. it estimated it would extract 500...
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