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In 2018, Dong Corporation paid $4,000,000 to buy land containing a total estimated 160,000 tons of extractable mineral deposits. The estimated value of the property after the mineral has been removed is $800,000. Extraction activities began in 2019 and by the end of the year, 20,000 tons had been recovered and sold. In 2020, geological studies indicated that the total amount of mineral deposits had been underestimated by 60,000 tons. During 2020, 30,000 tons were extracted and 28,000 tons were sold.
Problem a. What is the depletion rate per ton for 2020?
Problem b. What amount is the depletion expense to be presented in the cost of sales of 2020?
Problem c. How much is the carrying value of the wasting asset?
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