The Weber Company purchased a mining site for $625,647.00 on
July 1. The company expects to mine ore for the next 10 years and
anticipates that a total of 90,021 tons will be recovered. The
estimated residual value of the property is $59,788.00. During the
first year the company extracted 6,492 tons of ore. What is the
depletion expense for the first year?
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