In March, 2007, Tylor Mines Co

question 85

Multiple Choice

In March, 2007, Tylor Mines Co.purchased a coal mine for $6,000,000.Removable coal is estimated at 1,500,000 tons.Tylor is required to restore the land at an estimated cost of $720,000, and the land should have a value of $630,000.The company incurred $1,500,000 of development costs preparing the mine for production.During 2007, 450,000 tons were removed and 300,000 tons were sold.The total amount of depletion that Tylor should record for 2007 is

• A)$1,374,000.
• B)$1,518,000.
• C)$2,061,000.
• D)$2,277,000.

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