A detailed calculation formula is required

On 1 July 2017, Hickory Explorations Ltd took ownership of an area of land in Central Australia which is rich in iron ore. The acquisition cost of the mine was $100 million. The directors of the company estimate they will be able to sell the land for $20 million after the iron ore has been extracted. The quantity surveyors of the company estimate that the mine will yield 100 million tonnes of ore over 10 years. The company spends $50 million in setting up the mine ready for extraction of the ore. For the annual reporting date of 30 June 2018, the company extracted 5 million tonnes and 17 millio tonnes in the year ended 30 June 2019. (a) Prepare the general journal entry to record the acquisition of the mine and the depletion of the mine for the years ended 30 June 2018 and 2019. Use the Units of Production method. Narrations are not required. (b) Explain why the Units of Production method is the most appropriate method of accounting for the depletion of the mine. (c) Identify the variable factors in determining depreciation of an item of equipment. (d) Hickory Explorations Ltd acquired an item of plant on 1 July 2015 for $80000. The Estimated useful life of the plant at acquisition date was 5 years and the residual value $5000. The company sold the plant on 1 January 2019 for $30000. The accumulated depreciation on the plant item was $52,500