In 2020, Tableta Company paid P4,000,000 to purchase a land containing a total estimated 160,000 tons of extractable mineral deposits. The estimated value of the property after the mineral has been removed is P800,000. On March 30, 2021, Tableta Company purchased mining equipment costing P1,500,000. The useful life of the equipment is 10 years. Extraction activities began in 2021 and by the end of the year, 20,000 tons hac been recovered and sold. The depreciation expense pertaining to the mining equipment in 2021 amounted to?

In 2020, Tableta Company paid P4,000,000 to purchase a land containing a total estimated 160,000 tons of extractable mineral deposits. The estimated value of the property after the mineral has been removed is P800,000. On March 30, 2021, Tableta Company purchased mining equipment costing P1,500,000. The useful life of the equipment is 10 years. Extraction activities began in 2021 and by the end of the year, 20,000 tons hac been recovered and sold. The depreciation expense pertaining to the mining equipment in 2021 amounted to?

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Description: In 2020, Tableta Company paid P4,000,000 to purchase a land containing atotal estimated 160,000 tons of extractable mineral deposits. The estimatedvalue of the property after the mineral has been removed is P800,000.On March 30, 2021, Tableta Compan

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 29CE

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