Reference no: EM133067213
Questions -
Q1. An equipment was acquired on December 31, 2016 for P5,000,000 and is expected to have a 10-year useful life. The straight-line method was used. On January 1, 2020, the asset was deemed to have a sound value of P4,800,000. On January 1, 2023, the replacement cost of the asset was P3,500,000. How much should be taken to profit or loss for the period ended December 31, 2023?
Q2. On January 2020, Mina Company paid the national government a fee in the amount of P129,000,000 for an area of interest with removable ore estimated by geological surveys at 10,000,000 tons. Mina is required by the national government to restore the area of interest after the extraction of the estimated units of reserves, Mina Company estimates that it will take 10 years to fully extract the reserves and estimates its restoration cost to be P10,000,000. The relevant discount rate is 10% (use 3 decimal places to round off the present value factor).The Company also incurred P2,150,000 of development costs in preparing the property for the extraction of the ore. During 2020, 540,000 tons were mined. How much is the depletion/amortization expense for the year ended December 31, 2020?
Q3) In 2020, Tableta Company paid P4,000,000 to purchase a land containing a total estimated 160,000 tons of extractable mineral deposits. The estimated value of the property after the mineral has been removed is P800,000.
On March 30, 2021, Tableta Company purchased mining equipment costing P1,500,000. The useful life of the equipment is 10 years.Extraction activities began in 2021 and by the end of the year, 20,000 tons had been recovered and sold.
The depreciation expense pertaining to the mining equipment in 2021 amounted to?
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