Early in the current year, Amazon Company purchased the Rio Silver Mine at a cost...
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Accounting
Early in the current year, Amazon Company purchased the Rio Silver Mine at a cost of $30,000,000. The mine was estimated to contain 400,000 tons of ore and to have a residual value of $7,500,000 after mining operations are completed. During the year, 115,000 tons of ore were removed from the mine. At year-end, the book value of the mine is: Multiple Choice $30,000,000. $23,531,250. $22,500,000. $6,468,750.
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