In January, 2020, Waterway Industries purchased a mineral mine for $4800000 with removable ore estimated by geological surveys at 2000000 tons. The property has an estimated value of $280000 after the ore has been extracted. The company incurred $1700000 of development costs preparing the mine for production. During 2020, 590000 tons were removed and 470000 tons were sold. What is the amount of depletion that Waterway should expense for 2020? $1062200 $989350 $1790700 $1461700

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 April 17, 2018, the Loadstone Mining Company purchased the rights to a coal mine. The purchase…

A: 1) Compute depletion expense for the year 2018:

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A: Book Value of any asset means the value obtained after subtracting the depreciation amount from the…

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

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A: The cost of extracting natural resources from the earth, such as wood, minerals, and oil, is…

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A: Annual depreciation= (cost of the assets +  restoration costs - residual value) / life of the assets…

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.

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A: The formula for straight-line depreciation expense: Annual Depreciation expense=Cost-Residual…

Q: On January 1, 2020, Sapphire Mining Company purchased land with valuable natural ore deposits for…

A: The depletion expense refers to the decrease in the value of the natural resource used in the…

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

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A: Depletion is the reduction in value of something due to regular usage.

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A: Depreciation is the amount of reduction in the cost of the assets due to use of the assets,…

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A: When the asset is obtained for a period of time, for the purpose of usage and the asset is to be…

Q: On January 2, 2020, the Wally Company purchased land for P 450,000, from which it is estimated that…

A: 1) Unit depletion Rate per ton = (P450,000 + P80,000) - P30,000 / 400,000 tons…

Q: A mining company is trying to evaluate whether to purchase or lease a processing plant. The plant…

A: Present value refers to the intrinsic or fair price of investment. Present value explains the actual…

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 2, 2019, Whistler Company purchased land for $480,000, from which it is estimated that…

A: Depletion refers to the measure which is linked with the depletion amount of the extraction of the…

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A: Calculate the depletion of mine for the year 2021 and 2022 as follows: 1. Calculate depletion for…

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A: Depreciation expense: Depreciation expense is the reduction in the particular asset due to its use…

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A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…

Q: On January 2, 2019, Whistler Company purchased land for $530,000, from which it is estimated that…

A: Depletion expense allows an owner or the extractor to charge the cost of reserves on the basis of…

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

Q: Manji

A: 1. Depletion and Depreciation for 2024 and 2025:The depletion base includes the cost of the mineral…

Q: Depletion On January 2, 2019, Whistler Company purchased land for $470,000, from which it is…

A: The cost of extracting natural resources from the earth, such as wood, minerals, and oil, is…

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A: Wasting assets: These are the assets which will have only a limited useful life and the value of…

Q: Brandon Oil Company recently purchased oil and natural gas reserves in a remote part of Alaska for…

A: Depletion is an expense with depreciation like nature in which the natural assets like minerals,…

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: 2. Complete the natural resources section of the balance sheet on December 31, 2019, 2020, and 2021,…

A: 1     2019 Depletion deducted from income $66,080   Depletion included in inventory $22,420…

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

A: Computation of total cost of goods sold:

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A: 2019 unit depletion rate = [490,000 + 55,000 - 33,000 ] / 420,000 = 1.22 per ton 2021 unit depletion…

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A: Under IFRS, the exploration and evaluation cost includes: 1. Acquisition of rights 2. sampling 3.…

Q: During the year Gambler  acquired an iron ore mine at a cost of $6 million. In addition, when all…

A: GIVEN   During the year Gambler  acquired an iron ore mine at a cost of $6 million. In addition,…

Q: In 2021, the Marion Company purchased land containing a mineral mine for $1,740,000. Additional…

A:

Q: On January 1, 2019, Blossom Corporation acquired a small mine for $20 million along with equipment…

A: Depreciation is the reduction in the worth of fixed tangible asset due to obsolescence or over-use…

Q: Multiple Choice $41766 $35,369 $44.798 $39,309

A: Accretion expense is generally recognized with respect to asset retirement obligations (AROs). An…