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On January 1, 2022, Sheridan Lte acquired a small silver mine for $14.25 million along with some equipment costing $5.40 million. At that time,
On January 1, 2022, Sheridan Lte acquired a small silver mine for $14.25 million along with some equipment costing $5.40 million. At that time, management estimated that the mine should produce 7.50 million ounces of silver with no residual value and that the equipment would have a useful life of five years and no residual value. In 2022 and 2023, the company produced 260,000 and 290,000 ounces of silver, respectively. Sheridan uses the straight-line method of depreciation for its equipment, and its year end is December 31 (a) Calculate the mine's accumulated depletion and carrying amount at the beginning of 2024. (Round per unit depletion value to 3 decimal places, e.g. 1.525 and final answers to O decimal places, e.g. 5,125.) Accumulated depletion $ Carrying amount $
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