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Business, 19.11.2019 02:31 12martinkat

On january 1, year 1, gemstone mining company (gmc) paid $10,500,000 cash to purchase a stone pit estimated to hold 50,000 tons of useable material. gmc extracted 10,000 tons of stone in year 1. the rights to the surface pit were expected to have a $500,000 salvage value at the end of year 3. based on this information, the journal entry necessary to recognize depletion expense for year 1 is?

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On january 1, year 1, gemstone mining company (gmc) paid $10,500,000 cash to purchase a stone pit es...

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