On april 17, 2018, the loadstone mining company purchased the rights to a coal mine. the purchase price plus additional
costs necessary to prepare the mine for extraction of the coal totaled $4,500,000. the company expects to extract
900,000 tons of coal during a four-year period. during 2018. 240,000 tons were extracted and sold immediately.
required:
1‘ calculate depletion for 2018.
2 discuss the accounting treatment of the depletion calculated in requirement 1.
Answers: 1
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On april 17, 2018, the loadstone mining company purchased the rights to a coal mine. the purchase pr...
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