(Answered) Question - zvinakis mining company paid 160000 for the

Accounting

Question - Zvinakis Mining Company paid $160,000 for the rights to mine lead in southeast Missouri. The cost to drill and erect a mine shaft was $2,360,000, and equipment to process the lead ore before shipment to the smelter was $1,716,000. The mine is expected to yield 2,000,000 tons of ore during the five years it is expected to be operating. The equipment has an estimated residual value of $146,000 when mining is concluded. The mine started operations on April 30, 2016. In 2016, 260,000 tons of ore were extracted, and in 2017, 660,000 tons were mined.

Required: Compute the depletion rate and the units-of-production depreciation rate.

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