A coal mine cost $1,004,000 and is estimated to hold 58,000 tons of coal. There is no residual value. During the first year of operations, 11,000 tons are extracted and sold. Calculate depletion per unit. (Round your answer to the nearest cent.)
A coal mine cost $1,004,000 and is estimated to hold 58,000 tons of coal. There is no residual value. During the first year of operations, 11,000 tons are extracted and sold. Calculate depletion per unit. (Round your answer to the nearest cent.)
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 6CE
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Question
A coal mine cost
$1,004,000
and is estimated to hold
58,000
tons of coal. There is no residual value. During the first year of operations,
11,000
tons are extracted and sold. Calculate depletion per unit. (Round your answer to the nearest cent.)
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