A Plot of Land Is Purchased for $1

question 34

Multiple Choice

A plot of land is purchased for $1.5 million.It is said to contain 300,000 tons of ore.It will take five years to mine all the ore after which the land will be worth $300,000.They expected to mine 60,000 tons of ore in each of the first two years.What is the book value of the mine after two years?

• A)$1,020,000
• B)$720,000
• C)$900,000
• D)$600,000

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