Horshack Mining Company Purchases a Gravel Pit for $5,000,000

Multiple Choice

Horshack Mining Company purchases a gravel pit for $5,000,000.It estimates that 10,000,000 tons of gravel can be extracted over the pit's useful life.If 1,860,000 tons are extracted and sold during the first year,the entry to record depletion expense will include

A) debit to Depletion Expense,930,000;credit to Accumulated Depletion,930,000.
B) debit to Depletion Expense,232,500;credit to Accumulated Depletion,232,500.
C) debit to Accumulated Depletion,930,000;credit to Depletion Expense,930,000.
D) debit to Depletion Expense,465,000;credit to Accumulated Depletion,465,000.