eBookPrint Item Question Content Area Depletion On January 2, 2019, Whistler Company purchased land for $430,000, from which it is estimated that 410,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $83,000, after which it could be sold for $26,000. During 2019, Whistler mined 86,000 tons and sold 56,000 tons. During 2020, Whistler mined 103,000 tons and sold 117,000 tons. At the beginning of 2021, Whistler spent an additional $80,000, which increased the reserves by 63,000 tons. In 2021, Whistler mined 149,000 tons and sold 154,000 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. Question Content Area 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 468ffd010004fc7_1 66,640 Depletion included in inventory $fill in the blank 468ffd010004fc7_2 35,700 2020 Depletion deducted from income $fill in the blank 468ffd010004fc7_3 139,230 Depletion included in inventory $fill in the blank 468ffd010004fc7_4 19,040 2021 Depletion deducted from income $fill in the blank 468ffd010004fc7_5 Depletion included in inventory $fill in the blank 468ffd010004fc7_6 Feedback Area Feedback Question Content Area 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 02ed59051015042_1 430,000 Less: Accumulated depletion fill in the blank 02ed59051015042_2 -102,340 $fill in the blank 02ed59051015042_3 327,660 December 31, 2020 Mineral ore resources $fill in the blank 02ed59051015042_4 430,000 Less: Accumulated depletion fill in the blank 02ed59051015042_5 -224,910 $fill in the blank 02ed59051015042_6 205,090 December 31, 2021 Mineral ore resources $fill in the blank 02ed59051015042_7 510,000 Less: Accumulated depletion fill in the blank 02ed59051015042_8 $fill in the blank 02ed59051015042_9 Feedback Area Feedback Partially correct Question Content Area 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 69dd9afa8ff2000_1 December 31, 2020 $fill in the blank 69dd9afa8ff2000_2 December 31, 2021 $fill in the blank 69dd9afa8ff2000_3