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Compute the amount of depletion in the first year

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Reference no: EM132447883

Question - Caan purchased the Stokes Mine for $60 million. The mine was estimated to contain 6 million tons of anthracite coal and to have a residual value of $12 million. During the first year of mining operations of the Stokes Mine, 800,000 tons of anthracite were mined of which 600,000 tons was sold.

a) Compute the depletion recognized in the first year (show the calculation steps).

b) Compute the amount of depletion in the first year recognized as Costs of Goods Sold (show the calculation steps).

Reference no: EM132447883

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