Mr Cruz, procured a tract of timber for P65,000. The worth of the land was established tobe P17,000 and the worth of the 23,500 trees was P45,000. During the first year ofoperation, they cut down 4,500 trees. What was the depletion allowance that year?

Mr Cruz, procured a tract of timber for P65,000. The worth of the land was established tobe P17,000 and the worth of the 23,500 trees was P45,000. During the first year ofoperation, they cut down 4,500 trees. What was the depletion allowance that year?

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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