s National Mining Company purchased a mine, which holds an estimated 33,000 tons of iron ore, on January1, 2018, for $507,000. The mine is expected to have zero residual value. The business extracted and sold17,500 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.)

Depletion expense refers to the quantity of a natural resource that is depleted or used up over a…

Answered: depletion expense

Business

Accounting

depletion expense

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 29CE

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