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Please solve for requirment 1 & 2. Please take your time, i only have one check. thank you for your help!! In 2024, the Marion
Please solve for requirment 1 & 2. Please take your time, i only have one check. thank you for your help!!
In 2024, the Marion Company purchased land containing a mineral mine for $1,200,000. Additional costs of $452,000 were incurred to develop the mine. Geologists estimated that 320,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $100,000 To ald in the extraction, Marion buil various structures and small storage bulidings on the ste at a cost of $107,200. These structures have a useful life of 10 years. The structures cannot be moved after the ore has been removed and will be left at the site. In addition, new equipment costing $55,200 was purchased and installed at the site. Marton does not plan to move the equipment to another site. but estimates that it can be sold at auction for $4,000 after the mining project is completed In 2024,42,000 tons of ore were extracted and sold. In 2025, the estimate of totai tons of ore in the mine was revised from 320,000 to 407,500 . During 2025,72,000 tons were extracted, of which 52,000 tons were sold. Required: 1. Compute depletion and depreciation of the mine and the mining facilties and equipment for 2024 and 2025 . Marion uses the units-of-production method to determine depreciation on mining facilities and equipment. 2. Compute the book value of the mineral mine, structures, and equipment as of December 31, 2025. Complete this question by entering your answers in the tabs below. Compute depletion and depreciation of the mine and the mining facilities and equipment for 2024 and 2025. Marion uses the units-of-production method to determine depreciation on mining facilities and equipment. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. 1. Compute depletion and depreclation of the mine and the mining faclities and equipment for 2024 and 2025 . Marion uses the units-of-production method to determine depreciation on mining facilties and equipment. 2. Compute the book value of the mineral mine, structures, and equipment as of December 31,2025 . Complete this question by entering your answers in the tabs below. Compute the book value of the mineral mine, structures, and equipment as of December 31,2025. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar Step by Step Solution
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