Business, 12.11.2019 00:31 brendonvernon8
In april 2013, sparkle enterprises purchased the crimson mine at a cost of $18,000,000. the mine is estimated to contain 500,000 tons of ore with a residual value of $2,000,000 after mining operations are completed. during 2013, 120,000 tons of ore were removed from the mine and sold. in this situation:
a. the book value of the mine is $16,000,000 at the end of 2013.
b. the amount of depletion deducted from revenue during 2013 is $3,840,000.
c. the amount of depletion deducted from revenue during 2013 is $2,000,000.
d. the mine is classified as an intangible asset with in indefinite life and is not amortized.
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In april 2013, sparkle enterprises purchased the crimson mine at a cost of $18,000,000. the mine is...
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