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In Its 2007 Annual Report to Shareholders, Martin Marietta Materials

Question 97

Essay

In its 2007 annual report to shareholders, Martin Marietta Materials, Inc. included the following in its financial statement footnotes:
NOTE F: PROPERTY, PLANT AND EQUIPMENT, NET
Finally, the company stated the following among its accounting policies: "Depletion of mineral deposits is calculated over proven and probable reserves by the units-of-production method."
Required:
Compute the percentage of proven and probable reserves of mineral deposits depleted in 2007.
In its 2007 annual report to shareholders, Martin Marietta Materials, Inc. included the following in its financial statement footnotes: NOTE F: PROPERTY, PLANT AND EQUIPMENT, NET Finally, the company stated the following among its accounting policies: Depletion of mineral deposits is calculated over proven and probable reserves by the units-of-production method. Required: Compute the percentage of proven and probable reserves of mineral deposits depleted in 2007.

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