A company purchased mineral assets costing $840,000, with estimated residual value of $30,000, and holding approximately 300,000
Question:
A company purchased mineral assets costing $840,000, with estimated residual value of $30,000, and holding approximately 300,000 tons of ore. During the fi rst year, 48,000 tons are extracted and sold. What is the amount of depletion for the fi rst year?
a. $114,500
b. $129,600
c. $109,400
d. Cannot be determined from the data given
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Related Book For
Financial Accounting International Financial Reporting Standards
ISBN: 9780273777809
1st Global Edition
Authors: Walter T Harrison, Charles Horngren, Bill Thomas, Themin Suwardy
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