1. At the beginning of the year, New York Inc. bought a mine for $6,300,000 with estimated deposits of 2,500,000 tons. The land has a value of $600,000 after the minerals has been extracted. New York incurred $1,725,000 of development costs preparing the property for the extraction of the minerals. During the year, 585,000 tons were removed and 525,000 tons were sold. For the current year ended December 31, New York should include what amount of depletion in its cost of goods sold? A) $1,197,000 B) $1,333,800 C) $1,559,250 D) $1,737,000 Select one: A B O D 2. Dallas Inc. purchased a mine for $4,000,000 in 2020. $400,000 of the purchase price was related to land after the mineral has been removed. An estimated of 10 million units of the mineral could be extracted. During 2020, 1, 500,000 units were extracted and 1,250,000 units were sold. What is the amount of depletion expensed for 2020? A) $400,000. B) $450,000. C) $300,000. D) $540,000