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What the total amount of depletion that nct should record

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Reference no: EM132996004

In March, 2021, NCT Co. purchased a coal mine for P6,000,000. Removable coal is estimated at 1,500,000 tons. NCT is required to restore the land at an estimated cost of P720,000, and the land should have a value of P630,000 after all minerals were extracted. The company incurred P1,500,000 of development costs preparing the mine for production. During 2021, 450,000 tons were removed and 300,000 tons were sold.

Question 1: The total amount of depletion that NCT should record for 2021 is?

Question 2: How much is the cost of sales related to minerals extracted in 2021 assuming a total of direct labor of P850,000 were incurred.?

Reference no: EM132996004

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