Okram Company purchased land containing an estimated 5.0 million tons of ore for a cost of $8,800,000.
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Okram Company purchased land containing an estimated 5.0 million tons of ore for a cost of $8,800,000. The land without the ore is estimated to be worth $600,000.
During its first year of operation, the company mined and sold 750,000 tons of ore. Compute the depletion charge per ton. Compute the depletion expense that Okram should record for the year.
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