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Find the amount of depletion expense for the current year

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Reference no: EM132864712

Murphy Company has acquired the rights to a developed coal mine at a cost of $2,280,000. Murphy Company estimates that when the company is finished mining the coal, it will be able to sell the land for $166,000. Geological experts estimate a total of 302,000 tons of coal is in the mine.

During the first year, 86,000 tons of coal is brought out of the mine, and 65,800 tons of coal is sold.

Required:

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

Reference no: EM132864712

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