Ask Question
8 May, 20:15

A coal mine cost $ 1 comma 001 comma 000and is estimated to hold 57 comma 000tons of coal. There is no residual value. During the first year of operations, 12 comma 000tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.)

+1
Answers (1)
  1. 8 May, 20:38
    0
    Depletion expenses for the first year is $210736.840

    Explanation:

    Depletion expenses = (Cost of coal mine - residual value) / Total tons of coal * tons extracted

    = (1,001,000 - $0) / 57,000 tons * 12,000 tons

    =$210736.8421

    =$210736.840
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A coal mine cost $ 1 comma 001 comma 000and is estimated to hold 57 comma 000tons of coal. There is no residual value. During the first ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers