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King Timber incurred costs of $16.6 million for the rights to cut timber from a large tract of land. The company expects to cut 8.3
King Timber incurred costs of $16.6 million for the rights to cut timber from a large tract of land. The company expects to cut 8.3 million board feet of timber during a six-year period. Timber cut during years 1 and 2 were 830,000 and 1,630,000 board feet, respectively. What was total depletion for year 1 and year 2, assuming the King uses the units-of-production method?
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