Multiple Choice
On January 1,Year 1,Monroe Minerals Company purchased a copper mine for $120,000,000.The mine was expected to produce 50,000 tons of copper over its useful life.During Year 1,the company extracted 6,000 tons of copper.The copper was sold for $4,500 per ton.Assume that the company incurred $8,040,000 in operating expenses during Year 1.What is the amount of net income for Year 1?
A) $12,600,000
B) $4,560,000
C) $6,360,000
D) $14,400,000
Correct Answer:
Verified
Correct Answer:
Verified
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