In January, 2017, Concord Corporation purchased a mineral mine for $4900000 with removable ore estimated...
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Accounting
In January, 2017, Concord Corporation purchased a mineral mine for $4900000 with removable ore estimated by geological surveys at 1500000 tons. The property has an estimated value of $290000 after the ore has been extracted. The company incurred $1600000 of development costs preparing the mine for production. During 2017, 610000 tons were removed and 510000 tons were sold. What is the amount of depletion that Concord should expense for 2017?
$2615400
$2111400
$1751400
$2039400
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