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How much is the depletion

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Question - BEE Corporation, an entity under the mining industry, incurred a total of 20,000,000 on March 31, 2020 for the acquisition, exploration, and development of its wasting asset. The entity estimates that a total of 50,000 units of recoverable deposits can be extracted within 5 years. On the same date, the entity purchased a mining equipment which can only be used for the extraction of the recoverable deposits. The cost of the equipment is 15,000,000, the estimated useful life is 8 years, and the residual value is 3,000,000. The entity was able to extract 5,500 units in 2020, and 11,800 units in 2021. How much is the depletion in 2020?

Reference no: EM132975155

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