Monroe Minerals Company Purchased a Copper Mine for $120,000,000

question 23

Multiple Choice

Monroe Minerals Company purchased a copper mine for $120,000,000.The mine was expected to produce 50,000 tons of copper over its useful life.During 2016,the company extracted 6,000 tons of copper.The copper was sold for $4,500 per ton.Assume that the company incurred $8,040,000 in operating expenses during 2016.Based on this information,how much net income would Monroe report in 2016?

• A)$12,600,000.
• B)$4,560,000.
• C)$6,360,000.
• D)$14,400,000.

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Definitions:

Personal Growth

The process of improving oneself through activities that enhance one's talents, awareness, and identity.

Unconditional Positive Regard

Fundamental acceptance of a person regardless of what they say or do; term associated with humanistic psychology.

Systematic Desensitization

A behavioral therapy technique designed to reduce anxiety through gradual exposure to the feared object or situation coupled with relaxation exercises.

Aversion Therapy

A form of psychological treatment where an undesirable behavior is paired with an unpleasant stimulus to reduce the behavior's occurrence.