IM HAVING TROUBLE COMPLETING THIS QUESTION. WITH WORK SHOWN AND EXCEL CALCULATIONS.

Class: Problem 11-07 Requirement 1: MARION COMPANY Depletion and Depreciation Cost of mineral mine: Purchase price Development costs Depletion: Land resale value Estimated ore extracted (tons) Depletion per ton 2021 Ore extracted (tons) Depletion 2022 Ore extracted (tons) Revised ore extraction (tons) Revised depletion rate Depletion Depreciation: Structures: Building cost Depreciation per ton 2021 depreciation Revised depreciation rate 2022 depreciationEquipment: Equipment cost Estimated equipment sale Depreciation per ton 2021 depreciation Revised depreciation rate 2022 depreciation Requirement 2: MARION COMPANY Book Value Mineral mine: Cost Less accumulated depletion: 2021 depletion 2022 depletion Book value, 12/31/2022 Structures: Cost Less accumulated depreciation: 2021 depreciation 2022 depreciation Book value, 12/31/2022 Equipment: Cost Less accumulated depreciation: 2021 depreciation 2022depreciation Book value, 12/31/2022Given Data P11-07: MARION COMPANY Land purchase 1,600,000 Additional mine development costs 600,000 Estimated tons extracted 400,000 Land resale value 100,000 Building costs 150,000 Useful life of buildings 10 years New equipment cost 80,000 Auction price of equipment 4,000 2021 ore extracted and sold 50,000 tons Revised estimated tons extracted 487,500 2022 ore extracted 80,000 tons Ore sold from 2022 extraction 60,000 tonsIn 2021, the Man'on Company purchased land containing a mineral mine for $1,600,000. Additional costs of $600,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $100 ,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $150,000. These structures have a useful 1ife 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 $80,000 was purchased and installed at the site. Marion 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 2021, 50,000 tons of ore were extracted and sold. In 2022, the estimate of total tons of ore in the mine was revised from 400,000 to 487,500. During 2022, 80,000 tons were extracted, of which 60,000 tons were sold. 1. Compute depletion and depreciation of the mine and the mining facilities and equipment for 2021 and 2022. 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, 2022. 3. Discuss the accounting treatment of the depletion and depreciation on the mine and mining facilities and equipment