Depletion of Natural Resources 2 Mining Co purchased a mine 20,000,000 euro in 2016. It spent 35,000,000 euro to sink shafts to the underground coal seams. Elevators were installed at the beginning of 2016, at a cost of 2.000.000 euro. They were used throughout 2016 and 2017 during the preparation of the mine for production. The elevators have an expected life of 8 years and zero residual value. A building was constructed at a cost of 500,000 euro in 2016. It had zero residual value and an expected life of 20 years. The building was used for 3years during the preparation of the mine. In 2018, Mining Co estimates that the land contains 60,000,000 tons of recoverable graphite and that the mine will be fully depleted 15 years after the mining begins. The land has a residual value of 500,000. Mining starts in 2019. 0 In 2019, 5000 tonnes were extracted. 1 2 Calculate the asset cost 3 Calculate 2019 depreciation 4