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Business, 02.03.2020 18:19 sanociahnoel

On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $6,540,000. The company expects to extract 1,090,000 tons of coal during a four-year period. During 2021, 259,000 tons were extracted and sold immediately.
Required:
1. Calculate depletion for 2021.

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On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase pr...
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