1. Depletion

   On January 2, 2019, Whistler Company purchased land for $460,000, from which it is estimated that 350,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $89,000, after which it could be sold for $37,000.

   During 2019, Whistler mined 90,000 tons and sold 62,000 tons. During 2020, Whistler mined 108,000 tons and sold 124,000 tons. At the beginning of 2021, Whistler spent an additional $110,000, which increased the reserves by 66,000 tons. In 2021, Whistler mined 146,000 tons and sold 136,000 tons. Whistler uses a FIFO cost flow assumption.

   Required:

   If required, round the depletion rate to the nearest cent and round the final answers to the nearest dollar.

   1. Calculate the depletion included in the income statement and ending inventory for 2019, 2020, and 2021.

   2019	Depletion deducted from income	$fill in the blank fe47a8f5d06ff7f_1
   	Depletion included in inventory	$fill in the blank fe47a8f5d06ff7f_2
   2020	Depletion deducted from income	$fill in the blank fe47a8f5d06ff7f_3
   	Depletion included in inventory	$fill in the blank fe47a8f5d06ff7f_4
   2021	Depletion deducted from income	$fill in the blank fe47a8f5d06ff7f_5
   	Depletion included in inventory	$fill in the blank fe47a8f5d06ff7f_6

   2. Complete the natural resources section of the balance sheet on December 31, 2019, 2020, and 2021, assuming that an accumulated depletion account is used.

   Whistler Company
   Balance Sheet (partial)
   December 31, 2019 - 2021
   December 31, 2019
   Mineral ore resources	$fill in the blank 3f40c9065fdafe8_1
   Less: Accumulated depletion	fill in the blank 3f40c9065fdafe8_2
   		$fill in the blank 3f40c9065fdafe8_3
   December 31, 2020
   Mineral ore resources	$fill in the blank 3f40c9065fdafe8_4
   Less: Accumulated depletion	fill in the blank 3f40c9065fdafe8_5
   		$fill in the blank 3f40c9065fdafe8_6
   December 31, 2021
   Mineral ore resources	$fill in the blank 3f40c9065fdafe8_7
   Less: Accumulated depletion	fill in the blank 3f40c9065fdafe8_8
   		$fill in the blank 3f40c9065fdafe8_9

   3. Assume Whistler's discount rate was 9%. What is the balance in the asset retirement obligation at 2019, 2020, and 2021?

   Whistler Company
   Asset retirement obligation
   2019 - 2021
   December 31, 2019	$fill in the blank cc7745048027023_1
   December 31, 2020	$fill in the blank cc7745048027023_2
   December 31, 2021	$fill in the blank cc7745048027023_3