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What is depletion using the full cost method

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Question - ABC Corp., embarked a new venture in DEF Corporation in 2022. It expects to gleam 2,000,000 ounces of a precious ore from its holdings there, over several years. Relevant data follow:

-Cost of the mineral rights, P500,000

-Exploration cost, 2022 (1/3 successful) P1,500,000

-Extraction cost, 2022, P2,000,000

-Ore extracted, 2022 (500,000 oz.)

-Ore sold, 2022 (300,000 oz.)

1) What is depletion for 2022, using the full cost method of accounting for exploration costs?

2) What is depletion for 2022, using the successful effort method of accounting for exploration costs?

Reference no: EM133084888

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