Everly corporation acquires a coal mine at a cost of 479200, Ask an Expert

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Everly Corporation acquires a coal mine at a cost of $479,200. Intangible development costs total $119,800. After extraction has occurred, Everly must restore the property, after which it can be sold for $191,680. Everly estimates that 4,792 tons of coal can be extracted. If 839 tons are extracted the first year, prepare the journal entry to record depletion.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9970408

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