Sophia Corporation acquired a coal mine for $1,800,000. Inta…
Sophia Corporation acquired a coal mine for $1,800,000. Intangible development costs totaled $640,000. After extraction is completed, Sophia must restore the property. The estimated fair value of the obligation is $200,000, after which the company estimates that it can be sold for $280,000. Sophia estimates that 7,500 tons of coal can be extracted. What is the amount of depletion per ton?
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