WASTING ASSET Flashcards | Quizlet
On July 1, 2016, Iba Mining Company, a calendar year corporation, purchased the rights to a copper mine. Of the total purchase price, 2,800,000 was appropriately allocable to copper. Estimated reserves were 800,000 tons of copper. Iba expects to extract and sell 10,000 tons of copper per month. Production began immediately.