In $2024,$ the William Jesse Company purchased land containing a mineral mine for $$1,610,000.$ Additional costs of $$520,000$ were incurred to develop the mine. Geologists estimated that $450,000$ tons of ore would be extracted. After the ore is removed, the land will have a resale value of $$105,000.$

To aid in the extraction, William Jesse built various structures and small storage buildings on the site at a cost of $$202,500.$ These structures have a useful life of $10$ years. The structures cannot be moved after the ore has been removed and will be left at the site. In addition, new equipment costing $$88,000$ was purchased and installed at the site. William Jesse does not plan to move the equipment to another site, but estimates that it can be sold at auction for $$7,000$ after the mining project is completed.

In $2024,44,000$ tons of ore were extracted and sold. In $2025,$ the estimate of total tons of ore in the mine was revised from $450,000$ to $500,750.$ During $2025,88,000$ tons were extracted.

Required:

Compute depletion and depreciation of the mine and the mining facilities and equipment for $2024$ and $2025.$ William Jesse uses the units$-$of$-$production method to determine depreciation on mining facilities and equipment.

Compute the book value of the mineral mine, structures, and equipment as of December $31,2025.$

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Complete this question by entering your answers in the tabs below.

Compute depletion and depreciation of the mine and the mining facilities and equipment for $2024$ and $2025.$ William Jesse

uses the units$-$of$-$production method to determine depreciation on mining facilities and equipment.

Note: Do not round intermediate calculations.

Compute the book value of the mineral mine, structures, and equipment as of December $31,2025.$

Note: Do not round intermediate calculations.