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    "question_id": "4280859",
    "url": "\/study-help\/questions\/use-the-following-information-for-the-next-ten-items-questions-4280859",
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    "meta_title": "[Solved] Use the following information for the nex | SolutionInn",
    "meta_description": "Answer of - Use the following information for the next ten items (Questions 18 to 27): Cerulean Mining Company has acquired a trac | SolutionInn",
    "meta_keywords": "information,ten,items,questions,18,27,cerulean,mining,company,acquired,tract,mineral",
    "question_title_h1": "Use the following information for the next ten items (Questions 18 to 27): Cerulean Mining Company has acquired a tract of mineral land for P50,000,000.",
    "question_title": "Use the following information for the next ten items (Questions 18 to",
    "question_title_for_js_snippet": "Use the following information for the next ten items (Questions 18 to 27)  Cerulean Mining Company has acquired a tract of mineral land for P50,000,000  Cerulean Mining estimates that the acquired property will yield 150,000 tons of ore with sufficient mineral content to make mining and processing profitable  It further estimates that 7,500 tons of ore will be mined the first and last year and 15,000 tons every year in between  (Assume 11 years of mining operations ) the land will have a residual value of P1,550,000  Cerulean Mining builds necessary structures and sheds on the site at a total cost of P12,000,000  The company estimated that these structures can be used for 15 years but because they must be dismantled if they are to be moved, they have no residual value  Cerulean Mining does not intend to use the buildings elsewhere  Mining machinery installed at the mine was purchased secondhand at a total cost of P3,600,000  The machinery cost the former owner P9,000,000 and was 50  depreciated when purchased  Cerulean Mining estimates that about half of this machinery will still be useful when the present mineral resources have been exhausted but the dismantling and removal costs will just offset its value at that time  The company does not intend to use the machinery elsewhere  The remaining machinery will last until about one half the present estimated mineral ore has been removed and will then be worthless  Cost is to be allocated equally between these two classes of machinery  Based on the above information, answer the following  What is the estimated depletion charge for the 1styear  What is the estimated depreciation charge for the 1styear  What is the estimated depletion charge for the 5thyear  What is the estimated depreciation charge for the 5thyear  What is the estimated depletion charge for the 6thyear  What is the estimated depreciation charge for the 6thyear  What is the estimated depletion charge for the 7thyear  What is the estimated depreciation charge for the 7thyear  What is the estimated depletion charge for the 11thyear  What is the estimated depreciation charge for the 11thyear ",
    "question_description": "<p><strong><em>Use the following information for the next ten items (Questions 18 to 27):<\/em><\/strong><\/p> <p>Cerulean Mining Company has acquired a tract of mineral land for P50,000,000. Cerulean Mining estimates that the acquired property will yield 150,000 tons of ore with sufficient mineral content to make mining and processing profitable. It further estimates that 7,500 tons of ore will be mined the first and last year and 15,000 tons every year in between. (Assume 11 years of mining operations.) the land will have a residual value of P1,550,000.<\/p> <p> <\/p> <p>Cerulean Mining builds necessary structures and sheds on the site at a total cost of P12,000,000. The company estimated that these structures can be used for 15 years but because they must be dismantled if they are to be moved, they have no residual value. Cerulean Mining does not intend to use the buildings elsewhere.<\/p> <p> <\/p> <p>Mining machinery installed at the mine was purchased secondhand at a total cost of P3,600,000. The machinery cost the former owner P9,000,000 and was 50% depreciated when purchased. Cerulean Mining estimates that about half of this machinery will still be useful when the present mineral resources have been exhausted but the dismantling and removal costs will just offset its value at that time. The company does not intend to use the machinery elsewhere. The remaining machinery will last until about one-half the present estimated mineral ore has been removed and will then be worthless. Cost is to be allocated equally between these two classes of machinery.<\/p> <p> <\/p> <p>Based on the above information, answer the following:<\/p> <ul> <li>What is the estimated depletion charge for the 1styear?<\/li> <li>What is the estimated depreciation charge for the 1styear?<\/li> <li>What is the estimated depletion charge for the 5thyear?<\/li> <li>What is the estimated depreciation charge for the 5thyear?<\/li> <li>What is the estimated depletion charge for the 6thyear?<\/li> <li>What is the estimated depreciation charge for the 6thyear?<\/li> <li>What is the estimated depletion charge for the 7thyear?<\/li> <li>What is the estimated depreciation charge for the 7thyear?<\/li> <li>What is the estimated depletion charge for the 11thyear?<\/li> <li>What is the estimated depreciation charge for the 11thyear?<\/li> <\/ul>",
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        "isbn": "978-032184460, 032183870X, 321844602, 9780321838704, 978-0321844606",
        "edition": "4th Edition",
        "authors": "Michael Sullivan III",
        "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/445.jpg",
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    "question_posted": "2024-06-28 09:13:58",
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