The company expects to extract 1090000 tons of coal during, Accounting Basics

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The company expects to extract 1090000 tons of coal during

On April 17, 2016, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $6,540,000. The company expects to extract 1,090,000 tons of coal during a four-year period. During 2016, 259,000 tons were extracted and sold immediately.

Required:

1. Calculate depletion for 2016.

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Accounting Basics: The company expects to extract 1090000 tons of coal during

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Accounting Basics: The company expects to extract 1090000 tons of coal during

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