Liu Corp. purchased land conta

timer Asked: Nov 29th, 2015

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Liu Corp. purchased land containing an estimated 4,000,000 tons of ore for $16,000,000. The land will be worth $2,400,000 without the ore after eight years of active mining. Although the equipment needed for the mining will have a useful life of 20 years, it is not expected to be usable and will have no value after the mining on this site is complete. Compute the first-year depreciation on the mining equipment using the production method, assuming a cost of $19,120,000 with no residual value. Do not round your interim computations.

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