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

question 61

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 the book value of the mine at the end of 2014?

• A) $2,975,000
• B) $2,720,000
• C) $3,060,000
• D) $2,465,000

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Definitions:

Physical Weight

The measure of the force exerted on an object due to gravity, usually expressed in units such as pounds or kilograms.

Statistical Relationship

A connection between two or more variables, where changes in one variable are associated with changes in another, as determined through statistical analysis.

Correlation Coefficients

Statistical measures that describe the size and direction of a relationship between two or more variables.

Weakest Degree

Refers to the most minimal or lowest level of intensity in any given scale or measurement.