Morgan Company acquired land containing coal. Morgan will restore the land to a condition suitable...
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Morgan Company acquired land containing coal. Morgan will restore the land to a condition suitable for recreational use after it has extracted the coal. Geological surveys estimate that the recoverable reserves will be 6,000,000 tons and that the land will have a value of $ 2,000,000 after restoration. Relevant cost information follows: Land $ 16,000,000 Estimated fair value of retirement obligation 2,200,000 If Morgan maintains no inventories of coal, what is the depletion rate per ton?
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