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Basile [38]
3 years ago
8

On July 4, 2018, Wyoming Mining Company purchased the mineral rights to a granite deposit for $1,600,000. It is estimated that t

he recoverable granite will be 400,000 tons. During 2018, 100,000 tons of granite was extracted and 60,000 tons were sold. The amount of the Depletion Expense recognized for 2018 would be:
Business
1 answer:
kiruha [24]3 years ago
5 0

Answer:

The amount of the Depletion Expense recognized for 2018 would be 240,000

Explanation:

In order to calculate the The amount of the Depletion Expense recognized for 2018, we have to calculate first the depletion expense per ton.

Hence, Depletion expense per ton = $1,600,000/400,000 = 4

Therefore, if the Depletion expense per ton is 4, and during 2018 60,000 tons of granits were sold then the Depletion expense to be recognized for 2018  will be=60,000*4

          = $240,000. Amount of the Depletion Expense recognized for 2018

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