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  3. [10%] rainbow minerals pays $60 mil. to acquire th

[10%] Rainbow Minerals pays $60 mil. to acquire the RV Mine, which is estimated to...

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Accounting

[10%] Rainbow Minerals pays $60 mil. to acquire the RV Mine, which is estimated to contain 50 million tons of coal. The residual value is estimated to be $10 million. One million tons are mined during the first year. Prepare entries for the first year's mining.
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