Required

a$.$ Determine the amount of depletion expense that would be recognized on the Year $1$ income statement for each of the

two reserves, assuming $14,000$ tons of silver were mined and $500,000$ board feet of lumber were cut.

b$.$ Determine the amount of depletion expense that would be recognized on the Year $2$ income statement for each of the

four reserves, assuming $20,000$ tons of silver are mined, $300,000$ board feet of lumber are cut, $4,000$ tons of gold ore

are mined, and $50,000$ barrels of oil are extracted.

c$.$ Prepare the portion of the December $31,$ Year $2,$ balance sheet that reports natural resources.

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Req A and $B$

Determine the amount of depletion expense that would be recognized on the Year $1$ income statement for each of the two

reserves, assuming $14,000$ tons of silver were mined and $500,000$ board feet of lumber were cut. Also determine the amount

of depletion expense that would be recognized on the Year $2$ income statement for each of the four reserves, assuming