Reference no: EM133040995
Freeport-McMoRan Copper and God Inc., headquartered in Phoenix, Arizona, 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 I n February 2020, Freeport-McMoRan paid $800,000 for a mineral deposit in Indonesia. During March, it spent $70,000 in preparing the deposit for exploitation. It was estimated that 1,000,000 total cubic yards could be extracted economically. During 2020, 60,000 cubic yards were extracted. During January 2021, the company spent another $6,000 for additional developmental work that increased the estimated productive capacity of the mineral deposit.
Required:
1. Compute the acquisition cost of the deposit in 2020.
2. Compute deletion for 2020. (Do not round intermediate calculations.)
3. Compute the net book value of the deposit after payment of the January 2012 developmental costs. (Do not round intermediate calculations.)
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