Interior Resources purchased land for $14,092,000, which their experts believe to contain 27.1 million tons of tar sands. It costs $3,143,000 to develop the property, whose residual value is estimated at $986,000. Determine the current year depletion expense if annual production amounted to 5,149,000 tons. (Round depletion cost per unit to the nearest cent)

Question

Quizplus · Accepted Answer

The Answer of Interior Resources purchased land for $14,092,000, which their experts believe to contain 27.1 million tons of tar sands. It costs $3,143,000 to develop the property, whose residual value is estimated at $986,000. Determine the current year depletion expense if annual production amounted to 5,149,000 tons. (Round depletion cost per unit to the nearest cent)

Interior Resources Purchased Land for $14,092,000, Which Their Experts Believe