O'Keith Company Purchased a Mine on January 1,2018,for $530,000

question 4

Multiple Choice

O'Keith Company purchased a mine on January 1,2018,for $530,000.The mine is estimated to contain 37,000 tons of iron ore.There is no residual value.The business extracted and sold 2500 tons of ore in 2018 and 19,800 tons of ore in 2019.What is the book value of the mine at the end of 2019? (Round any intermediate calculations to two decimal places,and your final answer to the nearest dollar.)

• A) $456,000
• B) $210,664
• C) $371,000
• D) $530,000

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