During 2021, Bondoc Corporation acquired a mineral mine for P900,000 of which P150,000 was ascribed to the land value after the mineral has been removed. Geological surveys have indicated that 15 million units of the mineral could be extracted. Also during 2021, 1.2 million units were extracted and 800,000 units were sold. 16) What is the balance of Inventory at the end of 2021? 17) What is the balance of accumulated depletion at the end of 2021?

During 2021, Bondoc Corporation acquired a mineral mine for P900,000 of which P150,000 was ascribed to the land value after the mineral has been removed. Geological surveys have indicated that 15 million units of the mineral could be extracted. Also during 2021, 1.2 million units were extracted and 800,000 units were sold. 16) What is the balance of Inventory at the end of 2021? 17) What is the balance of accumulated depletion at the end of 2021?

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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