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At the beginning of 2025 , Sweet Company acquired a mine for $1,910,400. Of this amount, $114,000 was ascribed to the land value and the
At the beginning of 2025 , Sweet Company acquired a mine for $1,910,400. Of this amount, $114,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,310,000 units of ore appear to be in the mine. Sweet incurred $193,800 of development costs associated with this mine prior to any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the mineral has been removed was $45,600. During 2025,2,509,000 units of ore were extracted and 1,908,000 of these units were sold. Compute the following. (a) Your answer is incorrect. The total amount of depletion for 2025. (Round per unit answer to 2 decimal places, e.g. 0.45 for computational purpose and final answer to 0 decimal places, e.g. 45,892.) Depletion for 2025$ eTextbook and Media Solution Attempts: 3 of 3 used (b) The amount that is charged as an expense for 2025 for the cost of the minerals sold during 2025.(Round per unit answer to 2 decimal places, e.g. 0.45 for computational purpose and final answer to 0 decimal places, e.g. 45,892 .) Cost of the minerals sold during 2025 $
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