What is the average unit cost of the total investment as of December 31, 2020? * 6. In 2018, IRIS Company pald P4,000.000 to purchase land oontaining atotal estimated 160.000 tons of extractable mineral deposits. Theestimated value of the property after the mineral has been removed leP800,000. Extraction activities began in 2o19 and by the end of the year.20.000 tons had been recovered and sold. In 2020, geological studiesIndicated that the total amount of mineral deposits had beenunderestimated by 60.000 tons. During 2020, 30,000 tons wereextracted and 28.000 tons were sold. What is the carryling value of thewasting asset?P3,000.000P3,040,000P3,180.000P3.208,000

In 2018, IRIS Company paid for purchase of land containing a extractable minerals = P4000000 Total…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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