A mining firm spent $200,000 to purchase the rights to explore for gold on a...
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A mining firm spent $200,000 to purchase the rights to explore for gold on a parcel of land. They then spent $100,000 exploring the land, and discovered gold. Then then spent an additional $50,000 preparing the mine to extract the gold. They estimate that 10,000 ounces of gold will be extracted over a period of about 7 years. In the second year of operation of the mine, the firm extracts 2,000 ounces of gold. Rounded to the nearest dollar, depletion expense for the second year of mine operations is
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