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On 3anuary 2, 2019, Whistier Company purchased land for $460,000, from which it is estimated that 410,000 tons of ore could be oxtracted. it estimates
On 3anuary 2, 2019, Whistier Company purchased land for $460,000, from which it is estimated that 410,000 tons of ore could be oxtracted. it estimates that the prerent value of the cost necessary to restore the land is $74,000, after which it could be sold for $21,000. During 2019, Whistler mined 69,000 tons and sold 78,000 tone. During 2020, Whistler mined 114,000 tons and sold 106,000 tons. Ac the beginning of 2021, Whistler spent an additional s80,000, which incressed the reserves by 65,000 tons. In 2021, Whistier mined 162,000 tons and sold 152,000 tons. Whistier uses a FIFo cost how assumption: Required: If required, round the depletion rate to the nearest cent and round the final answers to the nearest dollar. 1. Calculate the depletion included in the income statement and ending inventory for 2019, 2020, and 2021. 2019 Depletion deducted from income Depletion included in inventopy 2020 Depletion deducted from income Depletion included in inventory 2021 Depietion deducted from income 3 X Depletion included in inventory 2. Complete the notural resources section of the balonce sheet on December 31, 2019, 2020, and 2021, assuming that an aceumulated depletion 3. Assume Whistler's discount rate was 9%. What is the balance in the asset retirement obligation at 2019, 2020, and 2021
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