A coal mine cost $1,005,000 and is estimated to hold 55,000 tons of coal. There is no residual value. During the first year of operations, 16,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.)

A.$292,320

B.$150,750

C.$201,000

D.$100,500

Classic Autos specializes in selling gently used specialty sports cars and uses the specific identification method of determining ending inventory and cost of goods sold. Item 507K was sold for $81,000. Classic purchased the sports car for $54,000 and paid $1,500 for freight in and $1,100 for freight out. What is the cost of goods sold?

A.$55,500

B.$55,100

C.$54,000

D.$25,500

On December 1, 2018, Garden Products borrowed $89,000 on a 5%, 10year note with annual installment payments of $8,900 plus interest due on December 1 of each subsequent year. Which of the following describes the first installment payment made on December 1, 2019? (Round your answer to the nearest whole number.)

A. $8,900 principal plus $445 interest

B.$8,900 principal plus $8,900 interest

C.$8,900 principal plus $4,450 interest

D.$4,450 interest only