Weber Company purchased a mining site for $617,434 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 96,158 tons will be recovered. The estimated residual value of the property is $52,737. During the first year, the company extracted 4,119 tons of ore. The depletion expense is a.$52,737.00 b.$56,469.70 c.$26,448.25 d.$24,189.22
Weber Company purchased a mining site for $617,434 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 96,158 tons will be recovered. The estimated residual value of the property is $52,737. During the first year, the company extracted 4,119 tons of ore. The depletion expense is a.$52,737.00 b.$56,469.70 c.$26,448.25 d.$24,189.22
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 4SEQ
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Weber Company purchased a mining site for $617,434 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 96,158 tons will be recovered. The estimated residual value of the property is $52,737. During the first year, the company extracted 4,119 tons of ore. The depletion expense is
a.$52,737.00
b.$56,469.70
c.$26,448.25
d.$24,189.22
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