Natural Resources and Depletion Luper Company acquired a tract of land which contained iron deposits for $2,450,200. Luper spent $129,000 to access the iron ore. Luper estimates that 2,000,000 tons of ore will be extracted. The estimated value of the land after the ore is extracted is $99,200. During the current year, Luper extracts 150,000 tons of iron ore.
Required:
Compute the cost of the natural resource and the amount of depletion taken during the year.
Answers: 1
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