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What amount should rangoon mine report as depletion

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Problem 1: In January 2011, Rangoon Mine Co. purchased a mineral mine for P2,640,000 with removable ore estimated at 1,200,000 tons. After it has extracted all the ore, Rangoon Mine will be required by law to restore the land to its original condition at an estimated cost of P220,000. The present value of the estimated restoration costs is P180,000. Rangoon Mine believes it will be able to sell the property afterwards for P300,000. During 2011, Rangoon Mine incurred P360,000 of development costs preparing the mine for production and removed and sold 60,000 tons of ore. In its 2011 statement of comprehensive income, what amount should Rangoon Mine report as depletion?

a. P135,000

b. P150,000

c. P144,000

d. P159,000

Reference no: EM132677493

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