FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
7 The Piney Copper Company purchased an ore- bearing tract of land for $10.0M. The geologist for Piney estimated the recoverable copper reserves to be 500,000 tons. During the first year, 50,000 tons were mined and 40,000 tons were sold for $5.0M. Expenses (not including depletion allowances) were $3.0M. (a) What are the percentage depletion and the cost depletion allowances?
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Transcribed Image Text:7 The Piney Copper Company purchased an ore- bearing tract of land for $10.0M. The geologist for Piney estimated the recoverable copper reserves to be 500,000 tons. During the first year, 50,000 tons were mined and 40,000 tons were sold for $5.0M. Expenses (not including depletion allowances) were $3.0M. (a) What are the percentage depletion and the cost depletion allowances?
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