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How much is the 2019 depreciation expense

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1.) Frederick Mining Company owns a large parcel of land which costs $1,000,000. It is estimated to contain 1,700,000 tons of recoverable ore. It is estimated that the recovery of the ore will take 10 years and that after the ore is fully depleted the land will be sold for a market value of $150,000. In 2018, Frederick extracted and sold 105,000 tons of ore. What is the amount of depletion that should be recorded?

2.) Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $16,000 for the truck. The truck is expected to have a $2,500 residual value and a 5-year life. Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense?

Reference no: EM132385638

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