In January 2022, Proton Mining Corporation purchased a minera mine for P4,200,000 with removable ore estimated by geologica surveys at 2,500,000 tons. The property has an estimated value of P400,000 after the ore has been extracted. Proton incurred P1,150,000 of development costs preparing the property for the extraction of ore. During 2022, 340,000 tons were removed and 300,000 tons were sold. For the year ended December 31, 2022, Proton should record what amount of depletion for the current year? O P594,000 O P456,000 O P673,200 O P516,800

In January 2022, Proton Mining Corporation purchased a minera mine for P4,200,000 with removable ore estimated by geologica surveys at 2,500,000 tons. The property has an estimated value of P400,000 after the ore has been extracted. Proton incurred P1,150,000 of development costs preparing the property for the extraction of ore. During 2022, 340,000 tons were removed and 300,000 tons were sold. For the year ended December 31, 2022, Proton should record what amount of depletion for the current year? O P594,000 O P456,000 O P673,200 O P516,800

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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