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Vaughn Resources Company acquired a tract of land containing an extractable natural resource. Vaughn is...

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Accounting

Vaughn Resources Company acquired a tract of land containing an extractable natural resource. Vaughn is required by its purchase contract to restore the land to a condition suitable for recreational use after it has extracted the natural resource. Geological surveys estimate that the recoverable reserves will be 2440000 tons and that the land will have a value of $940000 after restoration. Relevant cost information follows: Land $75,20000 Estimated restoration costs 1423200 If Vaughn maintains no inventories of extracted material, what should be the charge to depletion expense per ton of extracted material? $3.28 $3.67 $2.70 $3.08

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