Multiple Choice
The Weber Company purchased a mining site for $1,750,000 on July 1, 2014. The company expects to mine ore for the next 10 years and anticipates that a total of 400,000 tons will be recovered. The estimated residual value of the property is $150,000. During 2014 the company extracted 6,500 tons of ore. The depletion expense for 2014 is
A) $17,500
B) $16,000
C) $26,000
D) $15,000
Correct Answer:
Verified
Correct Answer:
Verified
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