Zvinakis Mining Company Paid $200,000 for the Rights to Mine

question 91

Essay

Zvinakis Mining Company paid $200,000 for the rights to mine lead in southeast Missouri. The cost to drill and erect a mine shaft was $2,400,000, and equipment to process the lead ore before shipment to the smelter was $1,800,000. The mine is expected to yield 2,000,000 tons of ore during the five years it is expected to be operating. The equipment has an estimated residual value of $150,000 when mining is concluded. The mine started operations on April 30, 2013. In 2013, 300,000 tons of ore were extracted, and in 2014, 700,000 tons were mined.
Required:
1. Compute the depletion rate and the units-of-production depreciation rate.
2. Compute depletion and depreciation for 2013 and 2014.

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Definitions:

Perception

The process of organizing and interpreting sensory information to give it meaning.

Decision

The act of making a choice among available alternatives.

Experiential System

A processing mechanism in the brain that is intuitive, automatic, and based on experiences, as opposed to analytical reasoning.

Cognitive System

encompasses the mental processes involved in perception, memory, judgment, and reasoning.