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MacLean Mining Co. acquired mineral rights for $20,572,500. The mineral deposit is estimated at 26,000,000...

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Accounting

MacLean Mining Co. acquired mineral rights for $20,572,500. The mineral deposit is estimated at 26,000,000 tons. During the current year, 4,550,000 tons were mined and sold.

a. Determine the amount of depletion expense for the current year. Do not round intermediate calculation and round your answer to nearest whole value.

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