Reference no: EM132968782
Question - On July 1, 2019, LAM Company, a calendar year corporation, purchased the right to a mine. The total purchase price was P16,400,000 of which P2,000,000 was allocable to the land.
Estimated reserves were 1,800,000 tons. The entity expected to extract and sell 25,000 tons per month.
The entity purchased new equipment on July 1, 2019for P7,500,000. The equipment had a useful life of 8 years.
However, after all the resource is removed, the equipment would be no use and could be sold for P300,000.
Required - What amount should be reported as depletion for 2019?
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