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In Year 1, Mining Corporation bought land for $150,000, with a residual value of $10,000,...

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Accounting

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In Year 1, Mining Corporation bought land for $150,000, with a residual value of $10,000, that is estimated to yield 300,000 pounds of a removable natural resource. The amounts of natural resources extracted in year 1 and vear 2 were 35,000 and 45,000 pounds, respectively, Determine depletion for Year 1 and Year 2 , - Note: Use the Result from above EXACTIY as displayed in your calculation below. Depletion in Year 1:5 Depletion in Year 2:5

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