The accumulated depletion of a natural resource is reported on th ..
Accordingly, on the balance sheet, we report natural resources at total cost less accumulated depletion. It involves determining the amount of resource that has been extracted and assigning a monetary value to this extraction. This process is not only essential for financial reporting but also for operational and strategic planning. Thus, we could expense all, some, or none of the depletion and removal costs recognized in an accounting period,...