Brandon Corporation purchased a vein of mineral ore for $3,250,000. It is estimated that 15,000,000 tons
of ore are available to be extracted. The residual value is determined to be $400,000. What is the depletion expense for this year's extraction of 1,760,000 tons of ore (rounded to the nearest dollar)? What is the journal entry?

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The Answer of Brandon Corporation purchased a vein of mineral ore for $3,250,000. It is estimated that 15,000,000 tons
of ore are available to be extracted. The residual value is determined to be $400,000. What is the depletion expense for this year's extraction of 1,760,000 tons of ore (rounded to the nearest dollar)? What is the journal entry?

Brandon Corporation Purchased a Vein of Mineral Ore for $3,250,000