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What is amount of depletion to be recorded per ton of coal

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Question - In Year 1, West Virginia Mining Co. purchased a coal mine that contained an estimated 1,200,000 tons of coal, of which 1,000,000 tons can be profitably extracted, for a cash price of $58,500,000. The company mined 50,000 tons of coal in Year 1.  Show your work!

Required -

a) What is the amount of depletion to be recorded per ton of coal?

b) What is the amount of depletion expense for Year 1?

Reference no: EM132515518

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