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What is the total depreciation expense

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Question - On 1 April 2019 Ulladulla Mining Ltd assessed that its Mollymook area of interest contained economically recoverable reserves of 50 000 ounces of gold. On the same day the entity installed the following assets:

 

Cost

Useful life

Mine site building

$1,500,000

20 years

Mining equipment

2,400,000

15 years

Machineries and equipment (portable)

750,000

8 years

The above assets were ready for use on 1 July 2019. The Mine site building and the mining equipment are attached to the area of interest. For the year ending 30 June 2020 the entity had extracted 10 000 ounces of gold.

What is the total depreciation/amortisation expense for the capitalised development costs for the year ending 30 June 2020?

Reference no: EM132504618

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