Super-Mineral Began Operations Last Year (Year 1)on a Mineral Tract

question 92

Multiple Choice

Super-Mineral began operations last year (year 1) on a mineral tract and expected a yield of 2,000,000 tons of a valuable ore used in the semiconductor industry.The total balance in the Depletion Base account (or "Natural Resources" account) was $2,000,000 before any depletion was recognized.During year 1, 400,000 tons of the ore were removed.Then, early in year 2, a new vein of ore was discovered holding an estimated additional 1,600,000 tons of ore.800,000 tons were removed in year 2.What is depletion in year 2?

• A)$600,000
• B)$800,000
• C)$400,000
• D)$1,600,000

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Definitions:

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