15 Flannery Company engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities: 1.56 points 03:23:27 Jan. 1, 2018 Purchased for $1,830,000 a silver mine estimated to contain 144,000 tons of silver ore. July 1, 2018 Purchased for $1,610,000 tract of timber estimated to yield 2,520,000 board feet of lumber and the residual value of the land was estimated at $109,000 Feb. 1, 2019 Purchased for $2,970,000 a gold mine estimated to yield 71,000 tons of gold-veined ore. Aug. 1, 2019 Purchased oil reserves for $1,331,000. The reserves were estimated to contain 230, eee barrels of oil, of which 10,000 would be unprofitable to pump. eBook Required (For all requirements, round per-unit values to 2 decimal places and final answers to the nearest whole dollar) Print References a. Determine the amount of depletion expense that would be recognized on the 2018 income statement for each of the two reserves, assuming 14,500 tons of silver were mined, and 530,000 board feet of lumber were cut. b. Determine the amount of depletion expense that would be recognized on the 2019 income statement for each of the four reserves, assuming 24,000 tons of silver are mined, 320,000 board feet of lumber are cut, 4.600 tons of gold ore is mined, and 67000 barrels of oil are extracted. c. Prepare the portion of the December 31, 2019, balance sheet that reports natural resources. Complete this question by entering your answers in the tabs below. 23.07 Req A and B Reg C k Determine the amount of depletion expense that would be recognized on the 2018 income statement for each of the two reserves, assuming 14,500 tons of silver were mined, and 530,000 board feet of lumber were cut. Also determine the amount of depletion expense that would be recognized on the 2019 income statement for each of the four reserves, assuming 24,000 tons of silver are mined, 320,000 board feet of lumber are cut, 4,600 tons of gold ore is mined, and 67,000 barrels of oil are extracted Show less ces a. Depletion Expense - 2018: Silver Mine Timber b. Depletion Expense - 2019: Silver Mine Timber Gold Mine Oil Reserves Complete this question by entering your answers in the tabs below. Req A and B Reg C Prepare the portion of the December 31, 2019, balance sheet that reports natural resources Natural Resources Silver Mine Timber Gold Mine Oil Reserves Total Natural Resources Land 0 Total $ 0