Question: On January 1 5 , 2 0 2 3 , Vern purchased the rights to a mineral interest for $ 3 , 5 0 0

On January 15,2023, Vern purchased the rights to a mineral interest for $3,500,000. At that time it was estimated that the recoverable units would be 500,000. During the year, 40,000 units were mined and 25,000 units were sold for $800,000. Vern incurred expenses during 2023 of $500,000.

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