Navajo Mining Company Purchased a Mine in 2013 for $3,400,000

question 87

Multiple Choice

Navajo Mining Company purchased a mine in 2013 for $3,400,000.It was estimated that the mine contained 200,000 tons of ore and that the mine would be worthless after all of the ore was extracted.The company extracted 25,000 tons of ore in 2013 and 30,000 tons of ore in 2014. What is depletion expense for 2013?

• A) $340,000
• B) $680,000
• C) $510,000
• D) $425,000

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