5. In 2018. RIS Company paid P4.000.000 to purchase land containing a total estimated 160.000 tons of extractable mineral deposits. The ectimated value of the property after the mineral has boen removed le PE00.000. Eitraction activities began in 2019 and by the end of the year. 20.000 tons had been recovered and sold. In 20co, geological etudies Indicated that the total amount of mineral deposits had been underestimated by e0.000 tons. During 2o00, 30.000 tons were extrocted and 28.000 tons were sold. What ie the carrying value of the wasting acset? O P1000.000 O P1040.000 O P1180.000 O P120.000
5. In 2018. RIS Company paid P4.000.000 to purchase land containing a total estimated 160.000 tons of extractable mineral deposits. The ectimated value of the property after the mineral has boen removed le PE00.000. Eitraction activities began in 2019 and by the end of the year. 20.000 tons had been recovered and sold. In 20co, geological etudies Indicated that the total amount of mineral deposits had been underestimated by e0.000 tons. During 2o00, 30.000 tons were extrocted and 28.000 tons were sold. What ie the carrying value of the wasting acset? O P1000.000 O P1040.000 O P1180.000 O P120.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the average unit cost of the total investment as of December 31, 2020? *

Transcribed Image Text:6. In 2018, IRIS Company pald P4,000.000 to purchase land oontaining a
total estimated 160.000 tons of extractable mineral deposits. The
estimated value of the property after the mineral has been removed le
P800,000. Extraction activities began in 2o19 and by the end of the year.
20.000 tons had been recovered and sold. In 2020, geological studies
Indicated that the total amount of mineral deposits had been
underestimated by 60.000 tons. During 2020, 30,000 tons were
extracted and 28.000 tons were sold. What is the carryling value of the
wasting asset?
P3,000.000
P3,040,000
P3,180.000
P3.208,000
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