In 20xl, Brilliant Company purchased property with natural resources for P28,000,000. The property had a...
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In 20xl, Brilliant Company purchased property with natural resources for P28,000,000. The property had a residual value of P5,000,000. However, the entity is required to restore the property to its original condition at a discounted amount P2,000,000. In 20xl, the entity spent PI,060,000 for development cost and P3,000,000 for a building on the property. The entity does not anticipate that the building will have utility after the natural resources are removed. In 202, an amount of Pl,000,000 was spent for additional development on the mine. The tonnage mined and estimated remaining tons for 201,202 and 203 are as follows: Q1. How much is the depletion rate per ton of extracted material for 20x1? (Round off to twodecimal places. Example: 10.555510.56 ) Q2. How much is the depletion to be recognized for 202? Q3. How much is the depletion to be recognized for 203 Q4. How much is the carrying amount of the wasting asset as of the end of 203
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