Find the depletion expense for the year 2020.Ignore the answers in choices , those are wrong.Show all your workings. During 2020, ABC Company acquired a mineral mine for P1,500,000 of which P200,000 was ascribed to land value after themineral has been removed. Geological surveys have indicated that 10 million units of the mineral could be extracted. During2020, 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

Formula: Depletion per unit = Total Mineral mine cost / Number of units

Answered: Find the depletion expense for the year…

Business

Accounting

Find the depletion expense for the year 2020.

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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a buyer purchased a home using a va loan. an appraiser was assigned to estimate the value of the property for the lender. the appraised value was less than the contract price. if the buyer really wants the property which of the following choices is the buyers best option do nothing because the seller must sell the property at the appraised value Hire an appraiser and see if a second appraisal yields a higher appraised value seek an fha lender who will automatically make up the difference between the contract price and the appraised value make up the difference between the contract price and appraised value in cash
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