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What is depletion using the full cost method

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Question - ABC Corp., embarked a new venture in DEF Corporation in 2022. It expects to gleam 2,000,000 ounces of a precious ore from its holdings there, over several years. Relevant data follow:

Cost of the mineral rights, P 500,000

Exploration cost, 2022 (1/3 successful). P 1,500,000

Extraction cost, 2022, P 2,000.000

Ore extracted, 2022 (500,000 oz.)

Ore sold, 2022 (300,000 oz.)

Required - What is depletion for 2022, using the full cost method of accounting for exploration costs?

a. P250,000

b. P150,000

c. P500,000

d. P1,000,000

Reference no: EM133094395

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