=(45,000-5,000) 3. The Ophir Mining Company acquired an iron ore deposit for $2,000,000. The company's geologist estimated the deposit to contain 1,500,000 tons of iron ore. Extracting equipment with a 10-year service life and costing $450,000 was installed in the mine. At the end of the first year, 60,000 tons had been extracted. What would be depreciation expense at the end of first year. 3 marks 4. A $10,000, 12%, 60-day note receivable is received on January 12. The note is discounted at 12% on January 18. What is the maturity value of the note ? Prepare journal entry to record at the date of maturity. 4 marks 5a) Explain the difference between revenue expenditures and capital expenditures and how they are recorded? 4 marks