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On March 31, 2021 M. Belotti purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed
On March 31, 2021 M. Belotti purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed for highway construction. The cost of the quarry rights was $277,200, with estimated salable rock of 33.000 tons. During 2021. Belotti loaded and sold 4,400 tons of rock and estimated that 28,600 tons remained at December 31, 2021 At January 1, 2022. Belotti estimated that 13,200 tons still remained. During 2022. Belotti looded and sold 8,800 tons Belotti uses the units of production method Belotti would record depletion in 2022 ot (Round cost perton to two decimal places.) Multiple Choice $173.280 $162,360 $163,440 $160,160 Totsuo Corporation purchased farm equipment on January 1, 2019 for $296,000. In 2019 and 2020. Totsuo depreciated the asset on a straight-line basis with an estimated useful life of five years and a $86,000 residual value. In 2021, due to changes in technology. Totsuo revised the residual value to $32,000 but still plans to use the equipment for the full five years What depreciation would Tatsuo record for the year 2021 on this equipment? $28.000 $53,600 $60,000 $52,800
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