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In 2017, Lingga Mining Co. purchased property with natural resources for P30,000,000. The property had a residual value of P4,000,000. However, the entity is required
In 2017, Lingga Mining Co. purchased property with natural resources for P30,000,000. The property had a residual value of P4,000,000. However, the entity is required to restore the property to the original condition at a discounted amount of P1,000,000. In 2018, the entity spent P2,000,000 in development cost and P3,000,000 in building on the property. The entity does not anticipate that the building will have utility after the natural resources are removed. In 2018, an amount of P1,000,000 was spent for additional development on the mine. The tonnage mined and estimated remaining tons are: Year 2017 2018 2019 Tons extracted 0 3,000,000 3,500,000 Tons remaining 10,000,000 7,000,000 2,500,000 What should be the amount of depletion expense to be reported in 2017, 2018 and 2019, respectively
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