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Leroy Mining Company purchased land containing an estimated 10,000,000 tons of ore for a cost of $750,000. The land without the ore is estimated to be worth $150,000 (the residual value). Buildings costing $45,000 with an estimated useful life of 20 years were erected on the site. Because of the remote location, the buildings have no residual value. The company expects that all the usable ore can be mined in eight years. During its first year of operation, the company mined 1,000,000 tons of ore and at the end of the year had an inventory of 200,000 tons.
Problem 1: Determine the following amounts for the first year using the straight-line method. If required, round your answers to two decimal places. Show your work.
a. Depletion charge per ton
b. Depletion expense for year
Create a memo to the team leader of the internal audit team recommending five of the automation tools
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assume there were 6000 units in beginning work in process 60 complete 20000 units were completed during the month.
Find the centroid of the flat-plate machine part shown in Fig. 26.72. Each section is uniform, and the mass of the section to the right of the -axis is twice that of the section to the left.
All revenue and expenses other than depreciation will be received and paid in cash. Compute the Net present value
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