Solved: At the beginning of year 1 ithaca incorporated purchased, Accounting Basics

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At the beginning of year 1 ithaca incorporated purchased

At the beginning of Year 1, Ithaca Incorporated purchased land for $1,500,000 from which it expects to extract 800,000 tons of minerals. The estimated residual value is $250,000.

What is Ithaca Incorporated's unit depletion rate?Assume Ithaca Incorporated used 25,000 tons in Year 1. What is Ithaca Incorporated's total depletion for Year 1 (round to nearest dollar)?

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Accounting Basics: At the beginning of year 1 ithaca incorporated purchased

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