If a mining company extracts 1,500,000 tons in a period but only sells 1,200,000 tons, total depletion on the mine is based on the 1,200,000 tons. depletion expense is recognized on the 1,500,000 tons extracted.
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Bridgeport Corp. has these accounts at December 31: Common Stock, $10 par, 4,800 shares issued, $48,000; Paid-in Capital in Excess of Par Value $18,300; Retained Earnings $43,300; and Treasury Stock, 430 shares, $9,460.
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