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A company purchased mining property for $1,837,500 containing an estimated 7,350,000 tons of ore. In Year 1, it mined and sold 857,000 tons of ore. Calculate the depletion expense for Year 1 and prepare the journal entry to record the depletion.
Operation Indicated
The mathematical operation (such as addition, subtraction, multiplication, or division) suggested by the context of a problem or equation.
Percentage
A portion or share expressed as a fraction of 100.
Net Amount
The final amount remaining after all deductions, like taxes and fees, have been subtracted from the gross amount.
Collect Like Terms
A mathematical process to simplify algebraic expressions by combining constants and variables that are the same.
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