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Nataly_w [17]
3 years ago
8

On March 31, 2021, M. Belotti purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed

for highway construction. The cost of the quarry rights was $158,400, with estimated salable rock of 22,000 tons. During 2021, Belotti loaded and sold 4,700 tons of rock and estimated that 17,300 tons remained at December 31, 2021. At January 1, 2022, Belotti estimated that 9,400 tons still remained. During 2022, Belotti loaded and sold 14,100 tons. Belotti uses the units-of-production method. Belotti would record depletion in 2021 of: (Do not round depletion rate per ton.)
Business
1 answer:
fenix001 [56]3 years ago
5 0

Answer:

$33,840

Explanation:

The computation of the depreciation per units or tons under the units-of-production method is shown below:

= (Original cost - residual value) ÷ (estimated tons)

= ($158,400 - $0) ÷ (22,000 tons)

= ($158,400) ÷ (22,000 tons)

= $7.20 per tons

Now for the year 2021, it would be

= Tons during 2021 × depreciation per tons

= 4,700 × $7.20 per tons

= $33,840

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