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What net amount is the lead mine reported on zhang company

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Reference no: EM132919925

Zhang Company bought a lead mine for $75,000,000 on January 1, 2018. The mine is estimated to have 10 million tons of lead and $5,000,000 residual value. Zhang Company estimates that it will take 20 years to extract all the lead contained in the mine. Zhang Company spends an additional $5,000,000 during the early part of 2018 preparing the mine. During 2018, Zhang Company extracts 5 million tons of lead and sells 3 million tons.

Problem A. Determine depletion cost per unit.

Problem B. What net amount is the lead mine reported on Zhang Company's December 31, 2018 statement of financial position?

Problem C. Look for the depletion expense to be recognized in the 2018 income statement.

Reference no: EM132919925

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