Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pc mine purchased a platinum deposit for $3,500,00

PC Mine purchased a platinum deposit for $3,500,000 in 2020. It estimated it would extract...

80.2K

Verified Solution

Question

Accounting

image
PC Mine purchased a platinum deposit for $3,500,000 in 2020. It estimated it would extract 17,500 ounces of platinum from the deposit. In 2020, PC actually extracted 2,000 ounces of platinum. 1. What is PC's depletion expense for 2020 using the cost depletion method? 2. If the applicable percentage depletion for platinum is 22 percent, gross income is $5,000,000 for 2020, and taxable income is $2,000,000, what is the depletion expense for 2020 using the percentage method? 3. Which amount should the company use for depletion expense

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Perriot's Restaurant purchased kitchen equipment on January 1, 2014. The value of the kitchen equipment decreases...

Statistics
Q

If an echo is not received within the receiving time of a radar, what should be...

Physics
Q

Explain how an experiment of a baseball rolling down a hill would be related to Angular...

Physics
Q

Suppose A is the set of positive real numbers, and suppose u and v are two...

Advance Math
Q

Select the correct answer Catherine is pregnant and preparing for childbirth She knows a woman...

Biology
Q

Progress The movement of the progress bar may be uneven because questions can be worth...

Geometry
Q

Ramapo Company produces two products, Blinks and Danks. They are manufactured in two departments, Fabrication...

Accounting
Q

Olive Company is considering a project that is estimated to cost $271,500 and provide annual...

Accounting
Q

Drop a division relevant cost Needham Manufacturing produces three products. The following table...

Accounting
Q

The following information is available regarding the total manufacturing overhead (semi-variable cost) of Bursa Manufacturing...

Accounting
Q

During the months of January and February, Axe Corporation purchased goods from three suppliers. The...

Accounting
Q

Hiawatha Corp is considering the purchase of a new piece of equipment. The cost savings...

Accounting