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How much would be the depletion for the third year

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Problem 1: One Corporation purchased land for P6,000,000. The Company expected to extract 1 million tons from this land over the next 20 years at which time, residual value shall be zero. During the first 2 years of the mine's operations, 30,000 tons were mined each year and sold for P80 per ton. The estimate of the total remaining lifetime capacity of the mine was raised to 1,200,000 tons at the start of the third year and residual value was estimated to be P480,000. During the third year, 50,000 tons were mined and sold for P85 per ton. How much would be the depletion for the third year?

Reference no: EM132920670

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