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What is the depletion for limestone

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Reference no: EM132752558

An entity quarries limestone, crushes it and sells it to be used in road building. The entity paid P15,000,000 for a certain quarry. The property can be sold for P4,500,000 after production ceases.

Estimated total reserves 15,000,000
Tons quarried through December 31, 2020 6,000,000
Tons quarried in 2021 2,250,000

Problem 1: An engineering study performed in 2021 indicated that on December 31, 2021, 9,000,000 tons of limestone were available. What is the depletion for 2021?

Reference no: EM132752558

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