Multiple Choice
A company purchased a mineral deposit for $800,000.It expects this property to produce 1,200,000 tons of ore and to have a salvage value of $50,000.In the current year,the company mined and sold 90,000 tons of ore.Its depletion expense for the current period is equal to:
A) $15,000
B) $60,000
C) $150,000
D) $56,250
E) $139,500
Correct Answer:
Verified
Correct Answer:
Verified
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