Weber Company purchased a mining site for $690,727 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 86,719 tons will be recovered. The estimated residual value of the property is $40,504. During the first year, the company extracted 5,948 tons of ore. The depletion expense is a.$65,022.30 b.$44,598.37 c.$47,376.52 d.$40,504.00
Weber Company purchased a mining site for $690,727 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 86,719 tons will be recovered. The estimated residual value of the property is $40,504. During the first year, the company extracted 5,948 tons of ore. The depletion expense is a.$65,022.30 b.$44,598.37 c.$47,376.52 d.$40,504.00
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 4SEQ
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Weber Company purchased a mining site for $690,727 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 86,719 tons will be recovered. The estimated residual value of the property is $40,504. During the first year, the company extracted 5,948 tons of ore. The depletion expense is
a.$65,022.30
b.$44,598.37
c.$47,376.52
d.$40,504.00
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