FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2020, Nishinoya Company purchased a mineral mine for P26,400,000 with removable ore estimated at 1,200,000 tons. During 2020, the entity incurred P2,000,000

image text in transcribed

On January 1, 2020, Nishinoya Company purchased a mineral mine for P26,400,000 with removable ore estimated at 1,200,000 tons. During 2020, the entity incurred P2,000,000 exploration cost and P1,600,000 development cost related to drilling of wells. The entity removed 80,000 tons of ore and sold 60,000 tons of ore in 2020. What is the depletion rate per unit? O P22.00 P25.00 O P23.33 O P23.67

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Managerial Accounting

Introduction To Managerial Accounting

Authors: Peter C. Brewer, Ray H. Garrison, Eric W. Noreen

2nd Edition

0072922990, 9780072922998

More Books

Students also viewed these Accounting questions

Question

★★★★★
Strutledge is a small private liberal arts school located within 50 miles of a major urban area in the southeast United States. As with most institutions of higher education, Strutledge's costs are...

Answered: 1 week ago

Question

★★★★★
Edwards Construction currently has debt outstanding with a market value of $95,000 and a cost of 9 percent. The company has EBIT of $8,550 that is expected to continue in perpetuity. Assume there are...

Answered: 1 week ago

Question

★★★★★
What factors contribute to young childrens ability to think about and visually recognize themselves?

Answered: 1 week ago

Question

★★★★★
The following events apply to Milligan Manufacturing Company. Assume that all transactions are cash transactions unless otherwise indicated. Transactions for the 2017 Accounting Period 1. The company...

Answered: 1 week ago

Question

★★★★★
Prepare journal entries to record the following transactions entered into by the Castagno Company: (Credit account titles are automatically indented when the amount is entered. Do not indent...

Answered: 1 week ago

Question

★★★★★
Plush Corporation holds 80 percent of Scratch Company's voting common shares, acquired at book values, but none of its preferred shares. At the date of acquisition, the fair value of the...

Answered: 1 week ago

Question

★★★★★
A die is rolled and value is recorded. The table shows the results of 20 rolls. 1 5 5 2 5 1 5 65 2 LQ 5 LO 5 2462 6 33 5 2 2 (a) Complete the probability distribution table. X P(X) 1

Answered: 1 week ago

Question

★★★★★
Uncle Cosmo plans to build a factory. It will cost $ 1 , 0 0 0 , 0 0 0 . He expects the after - tax cash inflows to be $ 2 3 0 , 0 0 0 annually for 6 years, after which he plans to scrap the...

Answered: 1 week ago

Question

★★★★★
The amount of pollutants that are found in waterways near large cities is normally distributed with mean 9 ppm and standard deviation 1.3 ppm. 38 randomly selected large cities are studied. Round all...

Answered: 1 week ago

Question

★★★★★
Your faculty member will divide the class into teams. Each team will select a specific organization they will be developing the security program for a hospital, college, government building, or...

Answered: 1 week ago

Question

★★★★★
2. You are working for a glider manufacturer and have been asked to analyse the laminar boundary layer at a certain point on the smooth wing. The velocity profile at this point, u(y), is given by: u...

Answered: 1 week ago

Question

★★★★★
Identify an example of puffery in the advertisement for the Power Zapper.

Answered: 1 week ago

Question

★★★★★
Make a list of the forms of mass communication you use most often. Include newspapers, magazines, television programs, types of fi lms, radio stations, and so forth. How do your choices of mass...

Answered: 1 week ago

Question

★★★★★
To what extent, if any, should there be control over the violence presented in media? Do you think viewers, especially children, are harmed by the prevalence of violence in media? Are you concerned...

Answered: 1 week ago

Previous Question Next Question