A Mine Is Purchased for $4,000,000

question 162

Multiple Choice

A mine is purchased for $4,000,000.There will be a salvage value of $300,000 when the land is restored after mining is completed.The mine has an estimated 250,000 tons of coal.During 2012,there were 35,000 tons of coal removed.What is the depletion expense for 2012?

• A) $518,000
• B) $466,550
• C) $560,000
• D) $300,000

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