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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