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Computing Depletion Mining Corporation bought land for $285,000 (residual value $19,000) that is estimated to yield 570,000 pounds of a removable natural resource. The
Computing Depletion Mining Corporation bought land for $285,000 (residual value $19,000) that is estimated to yield 570,000 pounds of a removable natural resource. The amounts of natural resources extracted in 2020 and 2021 were 66,500 and 85,500 pounds, respectively. Determine depletion for 2020 and for 2021. Note: Round the depletion rate to two decimals in your calculations; for example, use a depletion rate of 1.42 for 1.424, or 1.43 for 1.425. Depletion for 2020 $ Depletion for 2021 $
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