Reference no: EM132992514
Holiday Corporation paid P450,000 for land on Jan. 2, 2019, from which it is anticipated that 400,000 tons of ore may be mined. It is estimated that restoring the land would cost P80,000, after which it may be sold for P30,000.
The business extracted 80,000 tons and sold 50,000 tons in 2019. The business extracted 100,000 tons and sold 120,000 tons in 2020. The business invested an extra P100,000 at the start of 2021, increasing reserves by 60,000 tons. The business extracted 140,000 tons and sold 130,000 tons in 2021. The FIFO cost flow assumption is being used by the corporation.
Question 1: For 2020, calculate the depletion.
Question 2: For 2021, calculate the depletion.
Question 3: Calculate the depletion included into the 2021 cost of sales.
Question 4: As of Dec. 31, 2021, what is the natural resources' carrying amount?
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