Question: S G Mining Corporation purchased a mine that is estimated to
S&G Mining Corporation purchased a mine that is estimated to hold 500,000 tons of ore for $1,000,000.During the first year, 50,000 tons were extracted and 40,000 tons were sold. In the second year, 60,000 tons wereextracted and 50,000 tons were sold. Estimates of the amount of ore held by the mine at the end of the first yearwere revised to 670,000 tons. Compute cost depletion for the first two years.
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