Interior Resources purchased land for $14,072,000, which their experts believe to contain 27.5 million tons of tar sands. It costs $3,143,000 to develop the property, whose residual value is estimated at $986,000. 

Determine the current year depletion expense if annual production amounted to 5,145,000 tons. 

Answer rating: 100% (QA)

To calculate the current year depletion expense we need to find the cost depletion per ton of tar s... View the full answer