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What total amount of depletion should be recorded

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Problem - At the beginning of the 2 points current year. The company purchased a coal mine for P30.000.000. Removable coal is estimated at 1.500.000 tons. The entity is required to restore the land at an estimated cost of P3.600.000. The land is estimated to have a value of P3,150,000 after restoration. The entity incurred P7.500.000 of development cost preparing the mine for production. During the current year 550,000 tons were removed and 400,000 tons were sold. What total amount of depletion should be recorded for the current year?

Reference no: EM132968623

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