In January 2015, Fehr Mining Corporation purchased a mineral mine for $6,114,886 with removable ore estimated...
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In January 2015, Fehr Mining Corporation purchased a mineral mine for $6,114,886 with removable ore estimated by geological surveys at 2,583,300 tons. The property has an estimated value of $600,000 after the ore has been extracted. Fehr incurred $1,708,511 of development costs preparing the property for the extraction of ore. During 2015, 340,000 tons were removed and 300,000 tons were sold. What is the total amount of depletion for 2015? (do not round the depletion rate when multiplying it by units removed or sold) In January 2015, Fehr Mining Corporation purchased a mineral mine for $6,114,886 with removable ore estimated by geological surveys at 2,583,300 tons. The property has an estimated value of $600,000 after the ore has been extracted. Fehr incurred $1,708,511 of development costs preparing the property for the extraction of ore. During 2015, 340,000 tons were removed and 300,000 tons were sold. What is the total amount of depletion for 2015? (do not round the depletion rate when multiplying it by units removed or sold)
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