The Drilling Company Purchased a Mining Site for $500,000 on July

question 66

Multiple Choice

The Drilling Company purchased a mining site for $500,000 on July 1,2010.The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons will be recovered.The estimated residual value of the property is $80,000.During 2010 the company extracted 6,500 tons of ore.The depletion expense for 2010 is

• A)$37,700.
• B)$42,000.
• C)$32,500.
• D)$27,300.

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