Business, 14.11.2019 01:31 10040813

On april 17, 2021, 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 $4,280,000. the company expects to extract 1,070,000 tons of coal during a four-year period. during 2021, 257,000 tons were extracted and sold immediately.
required:
1. calculate depletion for 2021.
2. is depletion considered part of the product cost and included in the cost of inventory?

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On april 17, 2021, the loadstone mining company purchased the rights to a coal mine. the purchase pr...

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