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Category > Accounting Posted 21 Jun 2017 My Price 3.00

Loadstone Mining Company purchased the rights to a coal mine

Depletion

On April 17, 2016, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $4,500,000. The company expects to extract 900,000 tons of coal during a four-year period. During 2016, 240,000 tons were extracted and sold immediately.

Required:

1. Calculate depletion for 2016.

2. Discuss the accounting treatment of the depletion calculated in requirement 1.

Answers

Alpha Geek
(8)
Status NEW Posted 21 Jun 2017 08:06 AM My Price 3.00

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file 1498032879-Answer.docx preview (72 words )
A-----------nsw-----------er ----------- 1)----------- De-----------ple-----------tio-----------n f-----------or -----------201-----------6:------------ Co-----------st -----------per----------- to-----------nne-----------: (-----------Cos-----------t I-----------ncu-----------rre-----------d- -----------Res-----------idu-----------al -----------Val-----------ue)----------- /----------- To-----------tal----------- nu-----------mbe-----------r o-----------f n-----------atu-----------ral----------- re-----------sou-----------rce-----------: (-----------4,5-----------00,-----------000------------0)----------- / -----------900-----------,00-----------0 :----------- $ -----------5 T-----------ota-----------l d-----------epl-----------eti-----------on -----------for----------- 20-----------16:----------- Un-----------its----------- co-----------nsu-----------med----------- in----------- th-----------is -----------per-----------iod-----------* C-----------ost----------- pe-----------r t-----------onn-----------e :----------- 24-----------0,0-----------00*----------- 5 -----------: $----------- 1,-----------200-----------,00-----------0 ----------- 2)----------- Th-----------e e-----------xpe-----------ndi-----------tur-----------e o-----------n t-----------he -----------min-----------e i-----------s t-----------he -----------cos-----------t o-----------f g-----------ett-----------ing----------- th-----------e c-----------oal----------- an-----------d i-----------s d-----------epl-----------ete-----------d a-----------s t-----------he -----------coa-----------l i-----------s -----------ext-----------rac-----------ted-----------. -----------Whe-----------n a-----------ll -----------the----------- co-----------al -----------has----------- be-----------en -----------ext-----------rac-----------ted----------- th-----------e a-----------sse-----------t w-----------ill----------- ha-----------ve -----------zer-----------o v-----------alu-----------e -----------
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