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Required information Either Ore Corp is a mining company operating copper and nickel mines...

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Accounting

Required information
Either Ore Corp is a mining company operating copper and nickel mines in northern Minnesota. It recently purchased a new piece of equipment costing $1,000,000 which will be used to load rail cars with ore. The machine is expected to have a useful life of 15 years or 7,000,000 tons of material loaded, and has a residual value of $200,000. It loads 600,000 tons of material in its first year.
What amount of depreciation expense will Either Ore Corp record in year 1 if it uses the straight-line method?
Multiple Choice
$13,333
$106,667
$53,333
$66,667
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