Choice Mining Company paid $9,000 for some land that was expected to have 50,000 units of a
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Choice Mining Company paid $9,000 for some land that was expected to have 50,000 units of a natural resource on it. Development costs amounted to $520. The land required $780 reclamation after production. In the first year of mining, 5,000 units were mined. At the beginning of the second year, it was estimated that only 40,000 units of the natural resource remained and estimated reclamation costs should be increased to $960. 8,000 units were mined in the 2nd year. What was the amount of depletion in the 2nd year?
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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