On February 20, 2009, Genoa Mining Company incurred costs of $3,600,000 to acquire and prepare to extract an estimated 4,000,000 tons of mineral deposits. 450,000 tons of ore were mined in 2009. At the beginning of 2010, Genoa geologists estimated that 3,900,000 tons of ore still remained. 700,000 tons of ore were mined in 2010.
Required:
Compute depletion for 2009 and 2010.

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The Answer of On February 20, 2009, Genoa Mining Company incurred costs of $3,600,000 to acquire and prepare to extract an estimated 4,000,000 tons of mineral deposits. 450,000 tons of ore were mined in 2009. At the beginning of 2010, Genoa geologists estimated that 3,900,000 tons of ore still remained. 700,000 tons of ore were mined in 2010.
Required:
Compute depletion for 2009 and 2010.

On February 20, 2009, Genoa Mining Company Incurred Costs of $3,600,000