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What should be the charge to depletion expense

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Reference no: EM132788533

Problem 1: Which of the following is not an intangible asset?

a. Patent

b. Research and development costs

c. Franchise

d. Trademark

Problem 2: Which characteristic is not possessed by intangible assets?

a. Result in future benefits

b. Physical existence

c. Long-lived

d. Expensed over current and/or future years

Problem 3: In January 2020, Yager Corporation purchased a mineral mine for $5,100,000 with removable ore estimated by geological surveys at 2,000,000 tons. The property has an estimated value of $0 after the one has been extracted. What should be the charge to depletion expense per ton of extracted mineral?

A. 2.55

B. 10.2

C. 0.39

D. 3.1

Reference no: EM132788533

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