In 20X5, Barton Iron Ore Co purchased a mine for $200 million ($30 million was applicable to the land). An independent evaluation estimated the mine's iron ore reserves at 7.5 million tons. In 20X5, Barton Co extracted 0.9 million tons. The company's depletion expense for 20X5 is:

Question

Quizplus · Accepted Answer

The Answer of In 20X5, Barton Iron Ore Co purchased a mine for $200 million ($30 million was applicable to the land). An independent evaluation estimated the mine's iron ore reserves at 7.5 million tons. In 20X5, Barton Co extracted 0.9 million tons. The company's depletion expense for 20X5 is:

In 20X5, Barton Iron Ore Co Purchased a Mine for $200