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Find what is the amount of depletion for collins company

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Reference no: EM132956403

Problem 1: In 2009, Collins company acquired a land for P2,000,000 containing total estimated 175,000 tons of extractable mineral deposits. The company estimates that the property will be valued at P200,000 after extracting the mineral resource. Extraction began in 2010 recovering 25,000 tons of mineral resources which were sold. What is the amount of depletion for 2010?

Reference no: EM132956403

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