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Business, 25.04.2020 03:16 mamdouh2893

Zvinakis Mining Company paid $200,000 for the rights to mine lead in southeast Missouri. The cost to drill and erect a mine shaft was $2,400,000, and equipment to process the lead ore before shipment to the smelter was $1,800,000. 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 $150,000 when mining is concluded. The mine started operations on April 30, 2021. In 2021, 300,000 tons of ore were extracted, and in 2022, 700,000 tons were mined.

Required:
a. Compute the depletion and rate the units-of-production depreciation rate.
b. Compute depletion and depreciation for 2013 and 2014.

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Zvinakis Mining Company paid $200,000 for the rights to mine lead in southeast Missouri. The cost to...

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