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Compute the amount of depletion expense for the current year

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Reference no: EM132864684

Price Company has acquired the rights to a developed coal mine at a cost of $1,500,000. Price Company estimates that when the company is finished mining the coal, it will be able to sell the land for $125,000. Geological experts estimate a total of 171,875 tons of coal is in the mine.

During the first year, 48,200 tons of coal is brought out of the mine, and 38,000 tons of coal is sold.

Required:

Problem 1: Compute the amount of depletion expense for the current year.

Reference no: EM132864684

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