Kotter Mining Company Purchases a Gravel Pit for $2,500,000 $\quad 465,000$

question 59

Multiple Choice

Kotter Mining Company purchases a gravel pit for $2,500,000.It estimates that 5,000,000 tons of gravel can be extracted over the pit's useful life.If 930,000 tons are extracted and sold during the first year,the entry to record the depletion expense is:

• A)
• Depletion Expense - Gravel pit \(\quad 465,000\)
• Accumulated Depletion - Gravel pit \(\quad 465,000\)
• B)
• Depletion Expense - Gravel pit \(\quad 116,250\)
• Accumulated Depletion - Gravel pit \(\quad 116,250\)
• C)
• Depletion Expense - Gravel pit \(\quad 232,500\)
• Accumulated Depletion - Gravel pit \(\quad 232,500\)
• D)
• \[\begin{array} { l }
• \text { Depletion Expense - Gravel pit } &348,750 \\
• \quad \text { Accumulated Depletion - Gravel pit }&&348,750
• \end{array}\]

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Definitions:

Positive Symptoms

Symptoms of psychological conditions that are an addition to a person's normal behavior, characteristic of disorders like schizophrenia, including hallucinations and delusions.

Schizophrenia

A mental disorder characterized by distorted thinking, perceptions, emotions, language, sense of self, and behavior, often manifesting through hallucinations and delusions.

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Actions, reactions, or emotions that deviate significantly from those considered typical or normal within a culture or society.

Schizophrenia

A long-term mental disorder involving a breakdown in the relation between thought, emotional control, and behavior, leading to faulty perception, inappropriate actions and feelings, withdrawal from reality and personal relationships into fantasy and delusion, and a sense of mental fragmentation.