32 Michele Mining Company purchases a gravel pit for $2,500,000. It estimates that 5,000,000 tons of gravel can be extracted over the pit's useful life. If 930,000 tons are extracted and sold during the first year, the entry to record depletion expense is: a. Depletion Expense-Gravel pit 2S00 Accumulated Depletion-Gravel pit Gravel pit 232,50 b. Depletion Expense- Gravel pit 465,000 Accumulated Depletion-Gravel pit 465,000 C. Depletion Expense -Gravel pit 48,750 ccumulated Depletion-Gravel pit 348,750 d. Depletion Expense-Gravel pit i6,250 Accumulated Depletion-Gravel pit 1162 33. Given the following information, calculate the dollar amount of Quick Assets we would use for the Quick Ratio (ie Acid Test Ratio) Cash Accounts Receivable Short term investments Merchandise Inventory Prepaid Insurance Property, Plant and Equipment $10,000 $50,000 $60,000 $90,000 $2,000 $200,000