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can you please explain in a detailed manner how to solve this? thank you. ...

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Accounting

can you please explain in a detailed manner how to solve this? thank you.
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In 2020, Annona Mining Inc. purchased property with natural resources for P20,000,000. The property was relatively close to a large city and had an expected residual value of P2,000,000. However, Annona should restore the land after the exhaustion of natural resources. The present value of the asset retirement obligation was P880,000. Annona' usual borrowing cost is 8%. The following information relates to the use of the property: a. In 2020, Annona spent P800,000 in development costs and P600,000 in buildings on the property. Annona does not anticipate that the buildings will have any utility after the natural resources are depleted. b. In 2021 and 2022, P600,000 and P1,600,000, respectively, were spent for additional development on the mine. c. The tonnage mined and estimated remaining tons for years 2020 to 2024 are as follows: Year Tons Extracted Estimated Tons Remaining 2020 0 5,000,000 2021 1,500,000 3,500,000 2022 1,800,000 2,000,000 2023 1,700,000 900,000 2024 900,000 0 2021 Based on the preceding information, calculate the depletion and depreciation each year from to 2024

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