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S. Spradlin Inc Purchased a diamond mine in North Carolina for $12,000,000. It is estimated...

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S. Spradlin Inc Purchased a diamond mine in North Carolina for $12,000,000. It is estimated that the mine contains 10,000 tons of diamonds. The land has a residual value of $2,000,000. Record the depletion journal entry to mine 800 tons of diamonds for the first year of production. Description PR Debit Credit Date What is the Carrying Value of the mine after the first year of production

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