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Intra-Spect Mining Co. acquired mineral rights for $77,000,000. The mineral deposit is estimated at 55,000,000 tons. During the current year, 15,400,000 tons were mined and
Intra-Spect Mining Co. acquired mineral rights for $77,000,000. The mineral deposit is estimated at 55,000,000 tons. During the current year, 15,400,000 tons were mined and sold.
a. Determine the depletion rate. If required, round your answer to two decimal places. $ per ton
b. Determine the amount of depletion expense for the current year. $
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