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Question - McManus Mining Inc. is a leading international mining company of copper, gold, and molybdenum. Its revenues were over $16 billion with net income of nearly $2 billion in a recent year.
Assume that in February 2020, McManus Mining paid $716,000 for a mineral deposit in Indonesia. During March, it spent $105,700 in preparing the deposit for exploitation. It was estimated that 913,000 total cubic yards could be extracted economically. During 2020, 80,000 cubic yards were extracted. During January 2021, the company spent another $10,000 for additional developmental work that increased the estimated productive capacity of the mineral deposit. Required
Required -
1. Compute the acquisition cost of the deposit in 2020.
2. Compute depletion for 2020.
3. Compute the net book value of the deposit after payment of the January 2021 developmental costs.
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