Business, 21.04.2020 16:33 anisagreen10
In February 2018, Brilliant Industries purchased the Topaz Mine at a cost of $10,000,000. The mine is estimated to contain 500,000 carats of stone and to have a residual value of $500,000 after mining operations are completed. During 2018, 50,000 carats of stone were removed from the mine and sold. In this situation:
A. The mine is classified as an intangible asset and amortized over a period not to exceed 40 years.
B. The amount of depletion deducted from revenue during 2018 is $950,000.
C. The book value of the mine is $9,000,000 at the end of 2018.
D. The amount of depletion deducted from revenue during 2018 is $1,000,000.
Answers: 1
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In February 2018, Brilliant Industries purchased the Topaz Mine at a cost of $10,000,000. The mine i...
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