Multiple Choice
On January 1, Year 1, Monroe Minerals Company purchased a copper mine for $129,500,000. The mine was expected to produce 50,000 tons of copper over its useful life. During Year 1, the company extracted 7,900 tons of copper. The copper was sold for $6,400 per ton. Assume that the company incurred $9,065,000 in operating expenses during Year 1. What is the amount of net income for Year 1?
A) $30,099,000
B) $21,034,000
C) $11,396,000
D) $20,461,000
Correct Answer:
Verified
Correct Answer:
Verified
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