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How much depletion expense associated with the ruby mine

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On January 1st, The present value of the AROs associated with this mine is $1 million. 2023, Mine Co. obtained the rights to operate a ruby mine. It paid $2 million for these rights and spent and addition $0.5 million on exploring and development costs. The expected output of the mine is 5000 carats of rubies. In 2023, the mine produced 1000 carats of rubies.

Problem 1: How much depletion expense associated with this ruby mine should Mine Co. recognize in 2023?

Reference no: EM132762106

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