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Test:CPA Financial Accounting and Reporting (FAR)
1. | A mining company uses the depletion method to allocate the cost of removing natural resources from its mine. Which of the following statements is correct? |
The depletion base equals the cost to purchase the mine minus the mine's estimated residual value
If the number of units mined equaled the number of units sold, the depletion expense would be equal to the number of units mined
Neither of the above
Both of the above
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