Multiple Choice
A coal mine was acquired at a cost of $4,000,000. No salvage value was expected and the estimated number of units available for production was 4,000,000 tons. During the first year, 440,000 tons of coal was mined and sold. The depletion expense for the first year was
A) $44,200.
B) $440,000.
C) $4,000,000.
D) $4,400,000.
Correct Answer:
Verified
Correct Answer:
Verified
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