Weber Company purchased a mining site for $585,330 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 81,102 tons will be recovered. The estimated residual value of the property is $51,152. During the first year, the company extracted 4,503 tons of ore. The depletion expense is a.$32,499.09 b.$29,658.99 c.$53,417.80 d.$51,152.00
Weber Company purchased a mining site for $585,330 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 81,102 tons will be recovered. The estimated residual value of the property is $51,152. During the first year, the company extracted 4,503 tons of ore. The depletion expense is a.$32,499.09 b.$29,658.99 c.$53,417.80 d.$51,152.00
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 4SEQ
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Weber Company purchased a mining site for $585,330 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 81,102 tons will be recovered. The estimated residual value of the property is $51,152. During the first year, the company extracted 4,503 tons of ore. The depletion expense is
a.$32,499.09
b.$29,658.99
c.$53,417.80
d.$51,152.00
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