In 2007 bauxite mining company purchased a bauxite mine, Ask an Expert

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In 2007, Bauxite Mining Company purchased a bauxite mine for$9,000,000. At the time of purchase, Bauxite estimated that themine contained 500,000 tons of bauxite. Bauxite mined and sold40,000 tons in 2007 and 85,000 tons in 2008.

a. What is the depletion rate per ton?

b. What amount of depletion should be reported 2007 and 2008?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797001

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