National Mining Corp. purchased a mine, which holds an estimated 32,000 tons of iron ore,...
70.2K
Verified Solution
Link Copied!
Question
Accounting
National Mining Corp. purchased a mine, which holds an estimated 32,000 tons of iron ore, on January 1, 2018, for $504,000. The mine is expected to have zero residual value. The business extracted and sold 12,500 tons of ore in 2018 and 20,800 tons of ore in 2019. What is the depletion expense for 2018? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A 295,600
B 196,875
C 307,125
D 327,600
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
