During the first 6 months of 2013, Morgan Mining Co.: Purchased the mineral rights to...
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Accounting
During the first 6 months of 2013, Morgan Mining Co.:
Purchased the mineral rights to a coal deposit for 200,000
Incurred 50,000 in expenses exploring for the coal
Purchased 200,000 worth of trucks to haul coals
Incurred 100,000 in expenses excavating an underground tunnel to reach to the coals
Estimated restoration costs for the project to be 250,000 (PV)
By June 30, 2016, the deposit had been fully extracted and closed with no salvage value. The following info details the total production for the mine:
Est. (tons) Actual (tons)
2013 25,000 45,000
2014 125,000 125,000
2015 125,000 140,000
2016 125,000 100,000
Assuming the Morgan Mining capitalizes its exploration costs, whats the depletion amount for 2016?
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