In january 2012 yoder corporation purchased a mineral mine, Ask an Expert

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In January, 2012, Yoder Corporation purchased a mineral mine for $5,100,000 with removable ore estimated by geological surveys at 2,000,000 tons. The property has an estimated value of $300,000 after the ore has been extracted. The company incurred $1,500,000 of development costs preparing the mine for production. During 2012, 500,000 tons were removed and 400,000 tons were sold. What is the amount of depletion that Yoder should expense for 2012?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9400727

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