How much depletion should west mountain mining company, Accounting Basics

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How much depletion should west mountain mining company

On January 1, 2007, West Mountain Mining Company purchased the rights to a coal mine for $15,000,000. The company expects the coal mine to produce 10,000,000 pounds of coal. During 2007, West Mountain Mining removed 550,000 pounds of coal.

a. How much depletion should West Mountain Mining Company record for 2007?

b. What is the book value of the coal rights at December 31, 2007, the end of the fiscal year?

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