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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Definitions:

Stockholders' Equity

The value of a company's assets minus its liabilities, representing the ownership interest of the shareholders.

Property, Plant, and Equipment

Property, Plant, and Equipment (PP&E) are tangible, long-term assets used in the operation of a business, not intended for resale.

Net Income

The amount of money that remains from revenues after all expenses, taxes, and costs have been subtracted; a measure of profitability.

Net Profit Margin Ratio

A financial ratio indicating the percentage of net income generated from total revenue.