Business, 18.01.2021 21:40 manco6

Crane Corporation acquires a coal mine at a cost of $404,000. Intangible development costs total $101,000. After extraction has occurred, Crane must restore the property (estimated fair value of the obligation is $80,800), after which it can be sold for $161,600. Crane estimates that 4,040 tons of coal can be extracted. If 707 tons are extracted the first year, prepare the journal entry to record depletion.

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Crane Corporation acquires a coal mine at a cost of $404,000. Intangible development costs total $10...

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