Question: obj 4 va. $6,556,000 E7-15 Recording depletion Cooper Gate Mining Co. acquired mineral rights for $16,500,000. The mineral deposit is es timated at 75,000,000 tons.

obj 4 va. $6,556,000 E7-15 Recording depletion Cooper Gate Mining Co. acquired mineral rights for $16,500,000. The mineral deposit is es timated at 75,000,000 tons. During the current year, 29,800,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. b. IlIlustrate the effects on the accounts and financial statements of the depletion expense

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