Kotter Mining Company purchases a gravel pit for $2,500,000.It estimates that 5,000,000 tons of gravel can be extracted over the pit's useful life.If 1,000,000 tons are extracted during the first year but only 750,000 tons are sold,what amount should be recorded for Gravel Inventory and Accumulated Depletion,respectively?

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The Answer of Kotter Mining Company purchases a gravel pit for $2,500,000.It estimates that 5,000,000 tons of gravel can be extracted over the pit's useful life.If 1,000,000 tons are extracted during the first year but only 750,000 tons are sold,what amount should be recorded for Gravel Inventory and Accumulated Depletion,respectively?

Kotter Mining Company Purchases a Gravel Pit for $2,500,000