Business, 10.03.2020 07:43 alyssa32900

Tamarisk Corporation acquires a coal mine at a cost of $464,000. Intangible development costs total $116,000. After extraction has occurred, Tamarisk must restore the property (estimated fair value of the obligation is $92,800), after which it can be sold for $185,600. Tamarisk estimates that 4,640 tons of coal can be extracted. If 812 tons are extracted the first year, prepare the journal entry to record depletion.

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Tamarisk Corporation acquires a coal mine at a cost of $464,000. Intangible development costs total...