Cameron Corp. purchased a mine on January 1, 2018, for $530,000, which is estimated to contain 35,000 tons of iron ore. There is no residual value. The business extracted and sold 7,500 tons of ore in 2018 and 10,800 tons of ore in 2019. What is the depletion expense for 2019? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A.
$277,062
B.
$252,838
C.
$113,550
D.
$163,512
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Cameron Corp. purchased a mine on January 1, 2018, for $530,000, which is estimated to contain 35,000 tons of iron ore. There is no ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Prepare the journal entries for the following petty cash transactions of LintonGaming Supplies:Feb. 1Established a petty cash fund with a $ 150balance.
Answers (1)
Reyna, a manager at an accounting firm, notices that her employees do not complete the tasks assigned to them within planned time limits. Further, they are often absent for unexcused reasons.
Answers (1)
Licensee jones is in the process of closing on a sale. however, the property title has been found to have uncorrectable defects. what is the result regarding jones compensation?
Answers (1)
Compute the debt-to-total-value ratio for a firm that has a debt-to-equity ratio of 2. Multiple Choice:A. 1/3B. 2/5C. 3/2D. 2/3
Answers (1)
As the product manager for Whirlpools line of washing machines you are in charge of pricing new products.
Answers (2)
New Questions in Business
Which of the following is an example of a mission statement? 1) "to offer the lowest prices on new hardcover books, anywhere in the world" 2) "to become a beacon of hope for those suffering from mental hardship"3) "to engage in business practices
Answers (1)
On January 1, 2018, VKI Corporation awarded restricted stock units (RSUs) representing 15 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years.
Answers (1)
Bruce Moneybags owns several restaurants and hotels near a local interstate. One restaurant, Beef and More, originally cost $1.8 million, is currently fully paid for, but needs modernized.
Answers (1)
If a normal good competes with 30 similar goods and all 31 goods give the consumer equal satisfaction, the demand for the normal good ... :
Answers (1)
Spark Company's static budget is based on a planned activity level of 60,000 units. At the same time the static budget was prepared, the management accountant prepared two additional budgets, one based on 55,000 units and one based on 65,000.
Answers (1)