(Answered) Question - a company purchased mining property containing

Accounting

Question - A company purchased mining property containing 7,500,000 tons or ore for 1,950,500. In 2012 it mined and sold 865,000 tons of ore and in 2013 it mined 950,000 tons of ore. Calculate and record the depletion expense for 2012 and 2013. What was the book value of the property at the end of 2013?

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