Prepare the following entries using a general journal: 1. A

Prepare the following entries using a general journal:

1. A coal mine was acquired at a cost of $1,750,000 and estimated to contain 2,500,000 tons of ore. During the year, 110,000 tons were mined and sold. Prepare the journal entry for the year’s depletion expense.

2. A silver mine was acquired at a cost of $2,000,000 and estimated to contain 500,000 tons of ore. During the year, 75,000 tons were mined and sold. Prepare the journal entry for the year’s depletion expense.

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