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What is the carrying value of the mining equipment as of dec

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EL Corporation, an entity under the mining industry, incurred a total of ?20,000,000 on March 31, 2018 for the acquisition, exploration, and development of its wasting asset. The entity estimates that a total of 50,000 units of recoverable deposits can be extracted within 5 years. On the same date, the entity purchased a mining equipment which can only be used for the extraction of the recoverable deposits. The cost of the equipment is ?15,000,000, the estimated useful life is 8 years, and the residual value is P3,000,000.The entity was able to extract 5,500 units in 2018, and 11,800 units in 2019.

Problem 1: How much is the depletion in 2018?

Problem 2: How much is the depreciation expense in 2018?

Problem 3: What is the carrying value of the wasting asset as of December 31, 2019?

Problem 4: What is the carrying value of the mining equipment as of December 31, 2019?

Reference no: EM132892452

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