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Find the depletion rate

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In March 2020, L&P Corp., a mining and construction company, purchased for $5,600,000 a mine estimated to contain 2 million tons of ore. When the ore is completely extracted, it is expected that the land would be worth $200,000. A building and equipment costing $2,800,000 were constructed on the mine site before any extraction commenced, and they will be completely used up and have no residual value when the ore is exhausted. During March - December 2020, 750,000 tons of ore were mined, and 680,000 tons were sold.

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Problem i. Find the depletion rate.

Reference no: EM132808488

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