A coal mine in Alaska cost $1,000,000 and is estimated to hold 10,000 tons of coal....
A coal mine in Alaska cost $1,000,000 and is estimated to hold 10,000 tons of coal. There is no residual value. 2,000 tons are extracted and sold during the first year of operations. Calculate depletion expense for the first year.
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$100,000 |
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$150,000 |
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$20,000 |
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$200,000 |
Homework Answers
Ans;$200,000 is Correct Answer
Explanation:
Depletion expense = Cost - Salvage value/Estimated number of
units * Number of units extracted
Cost = $1000000
Salvage value = $0
Estimated number of units = 10,000 tons
Extracted units = 11000 tons
Depletion expense for Year 1 = $1000000/10,000 *2000
100 * 2000
=$200,000
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