Steel Rolling Company Purchased a Mine on Jan 1, 2015

question 17

Multiple Choice

Steel Rolling Company purchased a mine on Jan 1, 2015 for $500,000 and it is estimated to contain 30,000 tons of iron ore. There is no residual value. The company has extracted 2,500 tons of ore in 2015 and 3,800 tons of ore in 2016. What is the book value of the mine at the end of 2016? (Do not round your intermediate calculations) .

• A)$440,000
• B)$395,000
• C)$350,000
• D)$500,000

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