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National Mining Corp. purchased a mine, which holds an estimated 32,000 tons of iron ore,...

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Accounting

National Mining Corp. purchased a mine, which holds an estimated 32,000 tons of iron ore, on January 1, 2018, for $504,000. The mine is expected to have zero residual value. The business extracted and sold 12,500 tons of ore in 2018 and 20,800 tons of ore in 2019. What is the depletion expense for 2018? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

A 295,600

B 196,875

C 307,125

D 327,600

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