Brentwood Company Purchased a Mine in 2018 for $500,000 and Estimated

question 16

Essay

Brentwood Company purchased a mine in 2018 for $500,000 and estimated that 30,000 tons of iron ore could be extracted from it.There was no residual value.The business extracted and sold 2,500 tons of ore in 2018.How will the mine be reported on the balance sheet at the end of year 2018? (Round all intermediate calculations to the nearest cent.)Omit explanation.

---

Definitions:

Workers' Compensation Benefits

Payments and benefits provided to employees who are injured or become ill as a direct result of their job.

Eligibility Requirements

Criteria that individuals must meet to qualify for participation in a program or to receive certain benefits.

Retirement Benefits

Financial support or services workers receive upon retiring, including pensions, health insurance, and other forms of retirement income.

Unemployment Benefits

Financial payments given to individuals who have lost their jobs until they find new employment.