Mayfair Mining Company had total depletable capitalized costs of $656,000 for a mine acquired in early 2010. It was estimated that the mine contained 820,000 tons of recoverable ore when production ...
... began. During 2010, 20,500 tons were mined, and 41,000 tons were mined in 2011. Compute the depletion expense in 2010 and 2011 for financial accounting purposes. What accounts will be debited and credited to record the completion?
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