Question: Miller Mining acquired rights to a tract of land with
Miller Mining acquired rights to a tract of land with the intent of extracting from the land a valuable mineral. The cost of the rights was $2,500,000 and an estimated 10,000 tons of the mineral are expected to be extracted. Assuming that 1,600 tons of the mineral are actually extracted in the first year, determine the amount of depletion expense that should be recognized for that year.
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