On January 1, 2014, Cooper Tree Company (CTC) Purchases a Copper

question 198

Multiple Choice

On January 1, 2014, Cooper Tree Company (CTC) purchases a copper mine for €15,000,000. The mine is estimated to have 20 million tons of copper and no residual value. CTC estimates that it will take 10 years to extract all the copper contained in the mine. CTC spends an additional €3,000,000 during the early part of 2014 preparing the mine. During 2014, CTC extracts and sells 3 million tons of copper. On CTC's December 31, 2014 statement of financial position, at what net amount is the copper mine reported?

• A) €15,300,000
• B) €16,200,000
• C) €13,500,000
• D) €12,750,000

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