Sinclair Energy Resources purchased land containing 10.4 million tons of tar sands for 2,704,000. It cost 992,000 to prepare the property for production and the residual value is 189,000. Compute the annual depletion cost if 2,226,000 tons were produced during the year. (Round depletion cost per unit to the nearest cent)
Question 2
On October 20, Revere Products purchased lamps from A&L Imports for 7,500 with terms of 4/15, n/30. On the last day of discount, Revere Products sent in a 3,000 partial payment. a. What is the last day of discount? b. How much credit did Revere get for the partial payment?
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