The Weber Company Purchased a Mining Site for $1,750,000 on July

question 3

Multiple Choice

The Weber Company purchased a mining site for $1,750,000 on July 1.The company expects to mine ore for the next 10 years and anticipates that a total of 400,000 tons will be recovered.The estimated residual value of the property is $150,000.During the first year,the company extracted 6,500 tons of ore.The depletion expense is

• A)$15,000
• B)$16,000
• C)$17,500
• D)$26,000

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