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What is the depletion for the current year

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Reference no: EM132896009

On January 1, 2019, a entity purchased a mineral mine for P26,400,00 with removable are estimated at 1,200,000 tons. After it has extracted all the ore, the entity will be required by law to restore the land to the original condition at an estimated cost of P2,200,000.

  • The present value of the estimated restoration cost is P 1,800,000. The property can be sold afterwards for P3,000,000.
  • During 2019, the entity incurred P2,000,000 exploration cost and P1,600,000 development cost preparing the mine for production. The entity removed 80,000 tons of ore and sold 60,000 tons of ore in the current year.

PROBLEM 1: What is the depletion for the current year?

Reference no: EM132896009

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