The Orser Mining Company Acquired a Gold Mine for $8,000,000

question 14

Multiple Choice

The Orser Mining Company acquired a gold mine for $8,000,000.It is estimated that 40,000 ounces of gold can be extracted from the mine.In the first year of operations,15,000 ounces of gold were extracted.The Orser Mining Company would recognize:

• A)An increase in profit of $3,000,000
• B)Depreciation expense of $3,000,000
• C)Cost of goods sold of $3,000,000
• D)Depletion expense of $3,000,000

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Definitions:

High School Classmates

Individuals who are enrolled in the same high school and are members of the same graduating class or year group.

Decay Theory

A theory suggesting that memory fades and becomes less accurate over time due to the mere passage of time, leading information to "decay."

Sensory Memory

The shortest-term element of memory, which allows the retention of impressions of sensory information after the original stimuli have ended.

Short-term Memory

The power to hold a minimal amount of details in a readily accessible state for a limited period.