Multiple Choice
A mine is purchased for $4 000 000. There will be a residual value of $300 000 when the land is restored after mining is completed. The mine has an estimated 250 000 tons of coal. During 2014, there were 35 000 tons of coal removed. What is the depletion expense for 2014?
A) $300 000
B) $560 000
C) $466 550
D) $518 000
Correct Answer:
Verified
Correct Answer:
Verified
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