The Carlson Coal Company purchased mining property for $10,600,000 in cash.
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The Carlson Coal Company purchased mining property for $10,600,000 in cash. It was estimated that the property contained 400,000 tons of recoverable coal and that the land would have a value of $400,000 after the coal had been extracted. During the first year of operations, 65,000 tons of coal were recovered, of which 50,000 tons were sold. Prepare journal entries to record the purchase of the property and to recognize the cost of coal extracted and sold during the year.
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