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On July 1, 2011, Lam Company, a calendar year corporation, purchased the rights to a mine. The total purchase price was P7,000,000, of which P1,000,000 was allocated to the land. Estimated reserves were 1,500,000 tons. Lam expects to extract and sell 25,000 tons per month. Lam purchased new equipment on July 1, 2011. The equipment cost P4,000,000 and had a useful life of 8 years. However, after all the resource is removed, the equipment will be of no use and will be sold for P250,000.
Problem 1: If sales and production conform to expectations, what is the depletion for 2011?
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