Question: need help asa 4. Jackie Chan Mining Co. purchased for 7 million a mine that is estimated to have 28 million tons of ore and

need help asa

4. Jackie Chan Mining Co. purchased for 7 million a mine that is estimated to have 28 million tons of ore and no residual value. In the first year, 5 million tons of ore are extracted and sold. (a) Prepare the journal entry to record depletion expense for the first year. (b) Show how this mine is reported on the statement of financial position at the end of the first year

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