Weber Company purchased a mining site for $531,197 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 91,060 tons will be recovered. The estimated residual value of the property is $46,043. During the first year, the company extracted 4,187 tons of ore. The depletion expense is

$22,317

Explanation:

Depletion unit method is used for mines, quarries and oil wells.

Depletion Expense = Depletion rate × Number of units taken in the period

Where,

Depletion rate = (Cost of Asset - Residual Value) ÷ Expected Total Contents in Units

                        = ($531,197 - $46,043) ÷ 91,060 tons

                        = $5.33 per unit

Therefore,

Depletion Expense = $5.33 × 4,187 tons

                                = $22,317

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