The property has an estimated value of $200,000 after the ore has been extracted. The company incur
The property has an estimated value of $200,000 after the ore has been extracted. The company incurred $1,000,000 of development costs preparing the mine for production. During 2010, 500,000 tons were removed and 400,000 tons were sold. What is the amount of depletion that Yoder should expense for 2010? A. $640,000 b. $800,000 c. $840,000 d. $1,120,000 During 2010, Eldred Corporation acquired a mineral mine for $1,500,000 of which $200,000 was ascribed to land value after the mineral has been removed. Geological surveys have indicated that 10 million units of the mineral could be extracted. During 2010, 1,500,000 units were extracted and 1,200,000 units were sold. What is the amount of depletion expensed for 2010? A. $130,000. B. $156,000. C. $180,000. D. $195,000.
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