(Answered) 1 montana mining co acquired mineral rights for 120000000

Accounting

1. Montana Mining Co. acquired mineral rights for $120,000,000. The mineral deposit is estimated at 200,000,000 tons. During the current year, 31,155,000 tons were mined and sold.

(a) Determine the depletion rate.

(b) Determine the amount of depletion expense for the current year.

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