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Problem 6-33 Accounting for depletion LO 6-8 Flannery Company engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities: Jan. 1, 2018 Purchased for $1,480, eee a silver mine estimated to contain 124,000 tons of silver ore. July 1, 2018 Purchased for $1,8ee, see a tract of timber estimated to yield 2, e9e,eee board feet of lumber and the residual value of the land was estimated at $129,000. Feb. 1, 2019 Purchased for $3,ele, ee a gold mine estimated to yield 84,000 tons of gold-veined ore. Aug. 1, 2019 Purchased oil reserves for $1,341,080. The reserves were estimated to contain 250, eee barrels of oil, of which 20,000 would be unprofitable to pump. Required (For all requirements, Round "per" values to 2 decimal places and final answers to the nearest whole dollar amount.) a. Determine the amount of depletion expense that would be recognized on the 2018 income statement for each of the two reserve assuming 14,800 tons of silver were mined, and 600.000 board feet of lumber were cut. b. Determine the amount of depletion expense that would be recognized on the 2019 income statement for each of the four reserve assuming 29.000 tons of silver are mined, 330,000 board feet of lumber are cut, 4.100 toms on gold ore is mined, and 82,000 barrels of oil are extracted c. Prepare the portion of the December 31, 2019, balance sheet that reports natural resources. Complete this question by entering your answers in the tabs below. Req A and B Reqc Determine the amount of depletion expense that would be recognized on the 2018 income statement for each of the two reserves, assuming 14,000 tons of silver were mined, and 500,000 board feet of lumber were cut. Also determine the amount of depletion expense that would be recognized on the 2019 income statement for each of the four reserves, assuming 20,000 tons of silver are mined, 300,000 board feet of lumber are cut, 4,000 toms on gold ore is mined, and 50,000 barrels of oil are extracted. Show less $ 1.480,000 $ 1,800,000 a. Depletion Expense - 2018: Silver Mine Timber b. Depletion Expense - 2019: Silver Mine Timber Gold Mine Oil Reserves S 146,917 REGA Reqc > Complete this question by entering your answers in the tabs below. Reg A and B Reqc Prepare the portion of the December 31, 2019, balance sheet that reports natural resources. Natural Resources Silver Mine Timber Gold Mine Oil Reserves Total Natural Resources Land Total $