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How much would be the depletion expense for the first year

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Problem 1: Artic Corporation, one of the largest mining company, purchased 20 hectares of land for P60,000,000. The company expected to extract 5 million tons of mine from this land over the next 20 years at which time, residual value shall be P3,000,000. Successful exploration cost, P5,000,000 was incurred related to the mining activities. During the first 2 years of mining operations, 300,000 tons were mined each year and sold for P80 per ton. How much would be the depletion expense for the first year?

Reference no: EM132774234

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