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A coal company invests $12 million in a mine estimated to...

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Accounting

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A coal company invests $12 million in a mine estimated to have 20 million tons of coal and no salvage value. It is expected that the mine will be in operation for 5 years. In the first year, 1,000,000 tons of coal are extracted and put into inventory. What is the amount recorded for inventory for the first year

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