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27. The Weber Company purchased a mining site for $3,750,000 on July 1. The company...

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27. The Weber Company purchased a mining site for $3,750,000 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 700,000 tons will be recovered. The estimated residual value of the property is $250,000. During the first year, the company extracted 10,500 tons of ore. The depletion expense for the first year is: a. $15,000 b. $16,000 c. $17.500 d. $26,000 e. None of the above

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