O'Reilly Corp

question 152

Multiple Choice

O'Reilly Corp.purchased a mine on January 1,2016,for $530,000.The mine is estimated to contain 39,000 tons of iron ore.There is no residual value.The business extracted and sold 9,500 tons of ore in 2016 and 13,800 tons of ore in 2017.What is the book value of the mine at the end of 2017? (Round any intermediate calculations to two decimal places,and your final answer to the nearest dollar. )

• A)$452,000
• B)$213,353
• C)$371,000
• D)$530,000

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Definitions:

Central Values

Fundamental beliefs or principles that are of utmost importance to an individual, group, or organization.

Norms

Accepted standards or expectations of behavior within a group or society.

Low Familiarity

having limited knowledge or experience with something.

Other Culture

The customs, beliefs, arts, and institutions of a society that is different from one's own.