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During 2019, a company purchased a mine at a cost of $3,959,000. The company spent...

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Accounting

During 2019, a company purchased a mine at a cost of $3,959,000. The company spent an additional $670,000 getting the mine ready for its intended use. It is estimated that 370,000 tons of mineral can be removed from the mine and the residual value of the mine will be $670,000. During 2019,52,000 tons of mineral were removed from the mine and 42,000 tons were sold.
Which of the following statements is correct with respect to the accounting for the mine? (Do not round your intermediate calculations.)
Multiple Choice
The book value of the mine decreased $449,400 during 2019.
The inventory of minerals was $556,400 at December 31,2019.
The 2019 cost of goods sold was $449,400.
The 2019 net income decreased $556,400 as a result of the mining during the year.

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