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In 2009, Heslop Mining Company purchased property with natural resources for $5, 400,000. The property was relatively close to a large city and had an
In 2009, Heslop Mining Company purchased property with natural resources for $5, 400,000. The property was relatively close to a large city and had an expected residual value of $700,000. The following information relates to the use of the property: In 2009, Heslop spent $300,000 in development costs and $500,000 in buildings on the property. Heslop does not anticipate that the buildings will have any utility after the natural resources are depleted. In 2010 and 2012, $200,000 and S700,000, respectively, were spent for additional developments on the mine. The tonnage mined and estimated remaining tons for years 2009-2013 are as follows: Compute the depletion and depreciation expense for the years 2009-2013. Round depreciation per ton for 2010 to three decimal places. Round all other intermediate calculations to two decimal places, but round your final answers to the nearest whole dollar. If there are no answers to enter for a given year, leave the answer boxes blank
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