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How much should the company include as depletion

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Question - In January 2018 PM Corporation purchased a mineral mine for P14,400,000 with removable ore estimated by geological surveys at 8,640,000 tons. The property has an estimated value of P1,440,000 after the ore has been extracted. The company incurred P4,320,000 of intangible development costs in preparing the property for the extraction of ore. During 2020, 1,080,000 tons were removed and 960,000 were sold. For the year ended December 31, 2020, how much should the company include as depletion in its cost of goods sold?

Reference no: EM132946198

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