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Alpas company purchased a natural resource property for 9,000,000. The estimated output was 1,500,000 tons. Mining equipment was acquired at the cost of 14,400,000. The equipment has a useful life of 10 years but is capable of exhausting the resource in six to eight years.
Production is as follows:
1 st year 300,000 tons
2nd year 375,000 tons
3rd year None
4 th year 150,000
Problem 1: Compute the depletion and depreciation for each of the 4 years.
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