Exhibit 11-04 Kieso Company Purchased a Tract of Land for $4,500,000 in $4,500,000

Exhibit 11-04
Kieso Company purchased a tract of land for $4,500,000 in anticipation of extracting 1,425,000 tons of ore. The residual value of the land is expected to be $480,000. The company mines 125,000 tons of ore in the first year.
-Refer to Exhibit 11-04, what is the unit depletion rate? Round to the nearest $0.01.)

A) $3.16
B) $3.50
C) $2.82
D) $3.00