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What amount must the company include as depletion

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Problem 1: In January 2018, Marga Company bought a mineral mine for $14,400,000 with removable ore estimated by geological surveys at 8,640,000 tons. The property has an estimated value of $1,440,000 after the ore has been extracted. The entity incurred $4,320,000 of intangible development costs in preparing the property for the extraction of ore. During 2020, 1,080,000 tons were removed and 960,000 were sold. What amount must the company include as depletion in its cost of goods sold for the year ended December 31, 2020?

Reference no: EM132888866

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