FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On July 4, 2020, ZY Company purchased the mineral rights to a granite deposit for 2,400,000. It is estimated that the recoverable granite will be 400,000 tons. During 2020, 100,000 tons of granite was extracted and 60,000 tons were sold. The amount of depletion recognized for 2020 would be?
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