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What is the carrying value of the gold mines

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Question - On January 1, 2009, Sass Company purchased a gold mine for P36,000,000 with removable ore deposit estimated at 2,160,000 tons. The property has an estimated value of P3,600,000 after the ore has been exhausted. The company incurred P10,800,000 of development costs in preparing the property for ore extraction. Also, the company has a contractual obligation to restore the mines after the ore reserve has been exhausted. The company estimates that a discounted amount of P3,600,000 will be incurred for this. During 2009, 270,000 tons were extracted and 240,000 tons were sold. What is the carrying value of the gold mines as of December 31, 2009?

Reference no: EM133031701

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