On July 1, 2022, Trisha Company purchased the rights to a mine for P13,200,000, of which P1,200,000 was allocableto the land. Estimated reserves were 1,500,000 tons. The entity expects to extract and sell 25,000 tons per month.The entity purchased mining equipment on July 1, 2022 for P9,500,000. The mining equipment had a useful life of 8years. However, after all the resource is removed, the equipment will be of no use and will be sold for P500,000.1. What is the depletion for 2022?A. 2,400,000B. 1,200,000C. 2,640,000D. 1,320,0002. What is the depreciation for 2022?A. 1,800,000B. 1,125,000C. 900,000D. 562,500

Depreciation is charged to record reduction in value of asset over the period of time. Depletion is…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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