Shale miner co. acquired mineral rights for $60,000,000. it is estimated that there are 80,000 tons of the resource, and during the current year 10,750 tons were mined and sold. what is the amount of depletion for the current year?

$8,062,500

Explanation:

Data provided in the question:

Amount for which the Shale Miner Co. acquired mineral rights = $60,000,000

Estimated amount of resources to be recovered = 80,000 tons

Amount of resources mined during the year = 10,750 tons

Now,

Cost per ton of the resource mined

= ( Right acquiring amount ) ÷ ( Estimated amount of resources to be mined)

= $60,000,000 ÷ 80,000 tons

= $750 per ton

Therefore,

The amount of depletion for the current year

= Resources mined during the year × Cost per ton of the resource mined

= 10,750 tons × $750 per ton

= $8,062,500

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