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A drilling company purchased a mining site for $720,000 on July 1,20Y. The company expects...

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Accounting

A drilling company purchased a mining site for $720,000 on July 1,20Y. The company expects to mine ore for the next 10 years and anticipates that a total of 80,000 tons will be recovered. During 20Y9, the company extracted 5,800 tons of ore. The depletion expense for the year 20Y9 is
a. $52,200
b. $32,625
c. $50,500
d. $45,000
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