Tyler Industries Operates a Mineral Deposit with an Estimated 1,500,000

Multiple Choice

Tyler Industries operates a mineral deposit with an estimated 1,500,000 tons of available ore.The mineral deposit was purchased for $1,500,000,and no salvage value is expected.A total of 200,000 tons are mined,but only 100,000 tons were sold during the year.How would the company record this transaction?

A) Debit Depletion Expense-Mineral Deposit for $100,000,debit Ore Inventory for $100,000,and credit Accumulated Depletion-Mineral Deposit for $200,000.
B) Debit Depletion Expense-Mineral Deposit for $200,000 and credit Accumulated Depletion-Mineral Deposit for $200,000.
C) Debit Depletion Expense-Mineral Deposit for $100,000 and credit Accumulated Depletion-Mineral Deposit for $100,000.
D) Debit Mineral Expense for $200,000 and credit Mineral Deposit for $200,000.
E) Debit Amortization Expense-Mineral Deposit for $200,000,credit Ore Deposit for $100,000 and credit Accumulated Depletion-Mineral Deposit for $100,000.