Reference no: EM13128549
In 2011, the Marion Company purchased land containing a mineral mine for $1,450,000. Additional costs of $600,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $100,000.
To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $150,000. These structures have a useful life of 10 years. The structures cannot be moved after the ore has been removed and will be left at the site. In addition, new equipment costing $80,000 was purchased and installed at the site. Marion does not plan to move the equipment to another site, but estimates that it can be sold at auction for $5,500 after the mining project is completed.
In 2011, 50,000 tons of ore were extracted and sold. In 2012, the estimate of total tons of ore in the mine was revised from 400,000 to 485,000. During 2012, 80,000 tons were extracted, of which 60,000 tons were sold.
Compute depletion and depreciation of the mine and the mining facilities and equipment for 2011 and 2012. Marion uses the units-of-production method to determine depreciation on mining facilities and equipment
Compute the book value of the mineral mine, structures, and equipment as of December 31, 2012
There is a document on here that gives answers to the problem, but does not show the calculations so that I know how they got the answers. Please Help.
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