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During 20x3, Culverson Company purchased the rights to extract coal from an old coal mine. The cost of the coal rights was $161700, with estimated 21,000 tons of sellable coal. During 20x3, Culverson extracted and sold 4,200 tons of coal. How much depletion expense would Culverson record in 20x3? (Do not round depletion rate per ton) Multiple Choice O O $32,340 $32.470 $40,425 $24,255

During 20x3, Culverson Company purchased the rights to extract coal from an old coal mine. The cost of the coal rights was $161700, with estimated 21,000 tons of sellable coal. During 20x3, Culverson extracted and sold 4,200 tons of coal. How much depletion expense would Culverson record in 20x3? (Do not round depletion rate per ton) Multiple Choice O O $32,340 $32.470 $40,425 $24,255

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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During 20x3, Culverson Company purchased the rights to extract coal from an old coal mine. The cost of the coal rights was $161700, with estimated 21,000 tons of sellable coal. During 20x3, Culverson extracted and sold 4,200 tons of coal. How much depletion expense would Culverson record in 20x3? (Do not round depletion rate per ton) Multiple Choice O O $32.340 $32.470 $40,425 $24,255
Transcribed Image Text:During 20x3, Culverson Company purchased the rights to extract coal from an old coal mine. The cost of the coal rights was $161700, with estimated 21,000 tons of sellable coal. During 20x3, Culverson extracted and sold 4,200 tons of coal. How much depletion expense would Culverson record in 20x3? (Do not round depletion rate per ton) Multiple Choice O O $32.340 $32.470 $40,425 $24,255
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