(Answered) Question - everly corporation acquires a coal mine at a

Accounting

Question - Everly Corporation acquires a coal mine at a cost of $487,600. Intangible development costs total $121,900. After extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $97,520), after which it can be sold for $195,040. Everly estimates that 4,876 tons of coal can be extracted. If 853 tons are extracted the first year, prepare the journal entry to record depletion.

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