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Compute the cost of the natural resource

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Question - Natural Resources and Depletion - Luper Company acquired a tract of land which contained iron deposits for $5,118,200. Luper spent $269,000 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 $207,200. 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.

Reference no: EM132874249

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