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Business, 22.04.2020 01:00 kayla114035

Bonita Corporation acquires a coal mine at a cost of $408,000. Intangible development costs total $102,000. After extraction has occurred, Bonita must restore the property (estimated fair value of the obligation is $81,600), after which it can be sold for $163,200. Bonita estimates that 4,080 tons of coal can be extracted. If 714 tons are extracted the first year, prepare the journal entry to record depletion

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Bonita Corporation acquires a coal mine at a cost of $408,000. Intangible development costs total $1...
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