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Compute for the depreciation for the year ended december

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On July 1, 2016, Minero Co. acquired a mine for P13,200,000. After extraction, the land can be sold P400,000. Estimated reserves were 1,600,000 tons. Minero expects to extract and sell 25,000 tons per month. Minero purchased new equipment on July 1, 2016. The equipment cost P6,600,000 and had useful life of 8 years. However, after all the resource is removed, the equipment will be of no use and v be sold for P200,000.

Required:

Problem 1: Compute for the following:

a. Depletion for the year ended December 31, 2016.

b. Depreciation for the year ended December 31, 2016.

Reference no: EM132936938

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