Business, 23.06.2020 23:01 genyjoannerubiera

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 $4,950,000. The company expects to extract 990,000 tons of coal during a four-year period. During 2021, 249,000 tons were extracted and sold immediately. Required: 1. Calculate depletion for 2021.
2. Is depletion considered part of the product cost and included in the cost of inventory?

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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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