During 2020, ABC Company acquired a mineral mine for P1,500,000 of which P200,000 was ascribed to land value after the mineral has been removed. Geological surveys have indicated that 10 million units of the mineral could be extracted. During 2020, 1,500,000 units were extracted and 1,200,000 units were sold. What is the amount of depletion expensed for 2020? A. P180,000 B. P130,000 C. P156,000 D. P195,000

Q: Sheffield Corp. purchased a truck at the beginning of 2020 for $110500. The truck is estimated to…

A: Depreciation Expense =     (Cost − Salvage Value​)     * Miles Driven…

Q: In 2020, Tableta Company paid P4,000,000 to purchase a land containing a total estimated 160,000…

A: Annual depreciation= (cost of the assets  - residual value) / life of the assets = (P1,500,000-0) /…

Q: Gateway Inc. bought a machine on January 1, 2021 for $50,000. Gateway plans to keep the machine for…

A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life…

Q: In March, 2020, Sunland Company purchased a coal mine for $8110000. Removable coal is estimated at…

A: Depreciation , amortization , depletion all means the fall in value of assets due to one reason or…

Q: The total amount of depletion that Valley should record for 2021 is?

A: The depletion expense is the reduction in value of mines with the tons removed during the period.

Q: Presented below is information related to equipment owned by Coronado Company at December 31, 2020.…

A: Loss on impairment = carrying value - Recoverable amount Where, Recoverable amount = Lower of value…

Q: Depletion On January 2, 2019, Whistler Company purchased land for $430,000, from which it is…

A: Depletion is the decrease in value of natural resources.

Q: Traditionally indirect cost like overheads were distributed to end products on the assumption that…

A: Traditionally indirect cost like overheads were distributed to end products on the assumption that…

Q: On September 30, 2020, Zee Company purchased an equipment for P240,000 to be used for the next 4…

A: Depreciation Expense are not deducted from Cost of the Asset instead they are held in the…

Q: Depletion On January 2, 2019, Whistler Company purchased land for $500,000, from which it is…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: On January 1, 2022 Yuji Co. acquired a land containing ore for a total cost of P40,000,000. Other…

A: Wasting assets refers to natural resources. These are productive assets that are physically consumed…

Q: in 2020, Tableta company paid P4,000,000 to purchase a land containing a total estimated 160,000…

A: Annual depreciation= (cost of the assets  - residual value) / life of the assets = (P1,500,000-0) /…

Q: On March 10, 2027, Swifty Company sells equipment that it purchased for $197,760 on August 20, 2020.…

A: A tangible or physical asset's cost can be dispersed throughout its useful life using the accounting…

Q: In the beginning of 2021, Ciento Company purchased equipment worth P250,000. It is estimated to be…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: urces ed depletion 20 urces ed depletion 21 urces ed depletion er's discount rate was 10%. What is…

A: Requirement 1: Unit Depletion rate per ton = ($500,000 + $ 59,000) - $30,000 ÷ 400,000 tons =…

Q: Qasio Private Limited (Pvt) developed a new intangible product. In developing this intangible asset,…

A: Date Particulars Dr ® Cr ® 2020       July, 2020 Intangible Assets 50000     Cash   50000…

Q: On August 31, 2019, CAMELLIA Company purchased a new machinery for ₱540,000. The machinery has an…

A: Depreciation refers to the allocation of the cost of fixed asset over the useful life of such an…

Q: Compute the total cost of goods sold for 2020.

A: Computation of total cost of goods sold:

Q: On December 31, 2020, a company invested $2,150,000 in an asset. The company estimates that…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Jayanne Company acquired an equipment for P4,200,000 in 2018. The policy is straight line…

A: Working Notes: 1. Calculation of Total Depreciation on equipment: Depreciation = (Purchase Cost -…

Q: Vincent Limited paid $100,000 to purchase equipment at the beginning of 2020. Vincent Limited…

A: Given: Equipment purchased                      $100,000 Estimated useful life is 5 years or 200,000…

Q: II Jánuary 2019, Straw Corporation purchased a mineral mine for P9,800,000 with removable ore…

A: Depletion cost per unit = (Purchase cost +Cost of preparing - residual value) / Estimated tons

Q: On January 1, 2018, Spring Co. purchased a land for $12,000,000. The company expected to extract…

A:

Q: In January, 2020, Swifty Corporation purchased a mineral mine for $4800000 with removable ore…

A: The company will use the assets for many years. Since the assets are used for many years in the…

Q: Kootenay Mining Company purchased a mine in 2019 for $3,400,000. It was estimated that the mine…

A: An intangible asset seems to be one that does not have a physical form. Intangible assets include…

Q: Assume Whistler's discount rate was 9%. What is the balance in the asset retirement obligation at…

A: Given data To calculate the depletion  on income and ending inventory for the year 2019, 2020. 2021…

Q: The initial cost of an evaporative crystallizer including its installation is P930,000. The approve…

A: