Underwood s Miners recently purchased the rights to a diamond mine. It is estimated that there are

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Underwood

s Miners recently purchased the rights to a diamond mine. It is estimated that there

are two million tons of ore within the mine. Underwood

s paid $

46, 000, 000

for the rights and expects to

harvest the ore over the next fifteen years. The following is the expected extraction for the next five years.

Year

1

50, 000

tons

Year

2

900, 000

tons

Year

3

400, 000

tons

Year

4

210, 000

tons

Year

5

150, 000

tons

Calculate the depletion expense for the next five years and create the journal entry for year one.

use a chart

Related Book For answer-question

Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

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Posted Date: May 09, 2024 06:12 AM

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Underwood s Miners recently purchased the rights to a diamond mine. It is estimated that there are

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Principles Of Accounting Volume 1 Financial Accounting

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