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isition cost poration cost lopment cost uction equipment

isition cost poration cost lopment cost uction equipment

FINANCIAL ACCOUNTING
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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The following information of D company related to mining transactions: 2019 2020 Acquisition cost 1,500,000 Exploration cost 4,000,000 Development cost 1,250,000 500,000.00 Production equipment 1,500,000 Estimated cost of restoration 1,700,000 Residual value 500,000 1,000,000 2,000,000.00 Number of tons extracted Estimated number of tons to be extracted 7,000,000 Required: 4.1 Depletion for 2019? 4.2 Depletion for 2020?
Transcribed Image Text:The following information of D company related to mining transactions: 2019 2020 Acquisition cost 1,500,000 Exploration cost 4,000,000 Development cost 1,250,000 500,000.00 Production equipment 1,500,000 Estimated cost of restoration 1,700,000 Residual value 500,000 1,000,000 2,000,000.00 Number of tons extracted Estimated number of tons to be extracted 7,000,000 Required: 4.1 Depletion for 2019? 4.2 Depletion for 2020?
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