(Answered) Franceour mining co purchased for 7 million a mine that is

Accounting

Franceour Mining Co. purchased for $7 million a mine that is estimated to have 35 million tons of ore and no salvage value. In the ?rst year, 5 million tons of ore are extracted.

(a) Prepare the journal entry to record depletion for the ?rst year.

(b) Show how this mine is reported on the balance sheet at the end of the ?rst year.

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