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On March 29, 2016, the Horizon Energy Corporation purchased the mineral rights to a coal...

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Accounting

On March 29, 2016, the Horizon Energy Corporation purchased the mineral rights to a coal deposit in New Mexico for $2 million. Development costs and the present value of estimated land restoration costs totaled an additional $3.4 million. The company removed 200,000 tons of coal during 2016 and estimated that an additional 1,600,000 tons would be removed over the next 15 months. Compute depletion on the mine for 2016.

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