Starting question Alaska Mining Co acquired mineral rights for $67 500,000. The mineral deposit is...
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Starting question Alaska Mining Co acquired mineral rights for $67 500,000. The mineral deposit is estimated at 30,000,000 tons During the current year, 4,000,000 tons were mined and sold Required a. Determine the amount of depletion expense for the current year b Joumalize the adjusting entry on December 31 to recognize the depletion expense Refer to the Chart of Accounts for exact wording of account tities 622 Gain on Sale of Mineral Rights 115 Notes R List Instr Chart the depletion expense. Refer to the Chart of Accounts for exact wording of account titles PAGE 1
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