depletion expense
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:National Mining Company purchased a mine, which holds an estimated 33,000 tons of iron ore, on January
1, 2018, for $507,000. The mine is expected to have zero residual value. The business extracted and sold
17,500 tons of ore in 2018 and 19, 800 tons of ore in 2019. What is the depletion expense for 2018? (
Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
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