O'Reilly Corp

question 148

Multiple Choice

O'Reilly Corp.purchased a mine on January 1,2016,for $539,000.The mine is estimated to contain 38,000 tons of iron ore.There is no residual value.The business extracted and sold 14,500 tons of ore in 2016 and 14,800 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)$463,000
• B)$123,526
• C)$377,300
• D)$539,000

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Definitions:

Chapter 7 Petition

a legal process in the United States bankruptcy law allowing individuals or businesses to declare bankruptcy, leading to the liquidation of assets to pay off debts.

Median Income

Median income is the value separating the income distribution of a group into two equal groups: half the members earning less and half earning more than this value.

Bankruptcy Abuse

Activities that exploit the bankruptcy system in a deceitful or fraudulent manner to gain undue advantage or evade debt obligations.

Debtor's Income

The amount of money received by an individual or entity who owes a debt to another party.