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- The following intangible assets were purchased by Hanna Unlimited: A. A patent with a remaining legal life of twelve years is bought, and Hanna expects to be able to use it for six years. It is purchased at a cost of $48,000. B. A copyright with a remaining life of thirty years is purchased, and Hanna expects to be able to use it for ten years. It is purchased for $70,000. Determine the annual amortization amount for each intangible asset.On January 1, 2022, Layag Company paid P11,000,000 for property containing natural resource of 2,000,000 tons of ore. The present value of the estimated cost of restoring the land after the resource is extracted is P900,000. The land will have a value of P1,500,000 after it is restored for suitable use. Tunnel, bunk houses and other fixed installations are constructed at a cost of P8,000,000 and such expenditures are charged to mine improvements. Operations began on January 1, 2022 and resources removed totaled 600,000 tons. During 2023, a discovery was made indicating that available resource after 2023 will totaled 1,875,000 tons. At the beginning of 2023, additional bunk houses were constructed in the amount of P770,000. In 2023, only 400,000 tons were mined because of a strike. 27) What amount should be recorded as depletion for 2023? A. 3,120,000 B. 2,850,000 C. 1,280,000 D.2,080,000 28) What amount should be recorded as depreciation for 2023?A. 1,120,000 B. 2,400,000 C.…In March, 2021, Valley Mines Co, purchased a coal mine for P6,000,000. Removable coal is estimated at 1,500,000 tons. Valley is required to restore the land at an estimated cost of P720,000, and the land should have a value of P630,000 after all minerals were extracted. The company incurred P1,500,000 of development costs preparing the mine for production. During 2021, 450,000 tons were removed and 300,000 tons were sold. How much is the cost of sales related to minerals extracted in 2021 assuming a total of direct labor of P850,000 were incurred.?
- In 2017, a company acquired a silver mine for P50,000. In 2018, the company constructed a road to the silver mine costing P5,000,000. Improvements and other development costs made in 2018 cost P750,000. It is estimated that the mine can be sold for P600,000 after mining activities. During 2019, buildings were constructed near the mine to house workers at a total cost of P2,000,000. Residual value of these building amounted to P200,000. In 2020, it was estimated that 4,000,000 tons of silver ore could be removed from the mine for refining. During 2020, the first year of operations, 500,000 tons were removed from the mine, 200,000 of which remained in inventory at the end of the year. In 2021, workers mined 1,000,000 tons of silver. During that same year, geologists discovered that the mine contained 3,000,000 tons of silver ore in addition to the original 4,000,000 tons. Development costs of P1,300,000 were made in early 2021 to facilitate removal of the additional silver. In addition,…In January 2022, Proton Mining Corporation purchased a mineral mine for P4,200,000 with removable ore estimated by geological 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 P516,800In January 2022, Rover Mining Corporation purchased a mineral mine for P4,200,000 with removable ore estimated by geological surveys at 2,500,000 tons. The property has an estimated value of P400,000 after the ore has been extracted. Rover 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, Rover should record what amount of depletion for the current year? P516,800 P594,000 P456,000 O P673,200
- In 2020, Tableta Company paid P4,000,000 to purchase a land containing a total estimated 160,000 tons of extractable mineral deposits. The estimated value of the property after the mineral has been removed is P800,000. On March 30, 2021, Tableta Company purchased mining equipment costing P1,500,000. The useful life of the equipment is 10 years. Extraction activities began in 2021 and by the end of the year, 20,000 tons had been recovered and sold. The depreciation expense pertaining to the mining equipment in 2021 amounted to?Sunny Company paid 4,000,000 for property containing natural resources of 2,500,000 tons of ore. The present value of the estimated cost of restoring the land after the resource is extracted is P350,000. The land will have a value of 570,000 after it is restored for suitable use. Tunnels, bunk houses, and other fixed installations are constructed at a cost of 7,000,000, and such expenditures are charged to mine improvements. Operations began on January 1, 2020, and resources removed totaled 500,000 tons. In 2021, a discovery was made indicating that available resources after 2020 will total 1,750,000 tons. At the beginning of 2021, additional bunk houses were constructed in the amount of 650,000. In 2021, only 350,000 tons were mined because of a strike. 1. What is the depletable amount? 2. Using the information from Sunny Company, what is the depletion for 2020? 3. Using the information from Sunny Company, what is the remaining depletable amount after 2020?On July 4, 2020, ZY Company purchased the mineral rights to a granite deposit for 2,400,000. It is estimated that the recoverable granite will be 400,000 tons. During 2020, 100,000 tons of granite was extracted and 60,000 tons were sold. The amount of depletion recognized for 2020 would be?
- 1. The Fairy Company purchased a site for limestone quarry for P 100,000 on January 2, 2020. It estimates that the quarry will yield 400,000 tons of limestone. It estimates that its retirement obligation has a fair value of P 20,000 after which the land can be sold for P 10,000. In 2020, 80,000 tons were quarried and 60,000 tons sold. Cost of production (excluding depletion) are P4 per ton. Required: a. Compute the depletion cost per ton. b. Compute the total cost of inventory at December 31, 2020. c. Compute the total cost of goods sold for 2020. 2. Cooler Company acquired a tract of land containing an extractable natural resource. Cooler is required by the purchase contract to restore the land to a condition suitable for recreational use after it has extracted the natural resource. Geological surveys estimate that the recoverable reserves will be 5,000,000 tons and that the land will have of P1,000,000 after restoration. Relevant cost information as follows: Land P 9,000,000…On January, 2023, Big Company purchased a mineral mine for P2,640,000 with removable ore estimated at 1,200,000 tons. After it has extracted all the ore, Big Company will be required by law to restore the land to its original condition at an estimated cost of P220,000. The present value of the estimated restoration costs is P180,000. Big Company believes it will be able to sell the property afterwards for P300,000. During 2023, Big Company incurred P360,000 development costs preparing the mine for production and removed and sold 60,000 tons of ore. In its 2023 Income Statement, what amount should Big Company report as depletion? a. 135,000 b. 144,000 c. 150,000 d. 159,000The total amount of depletion that Valley should record for 2021 is?