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A company purchased a tract of land for its natural resources at a cost of $2,042,900. It expects to mine 2,190,000 tons of ore from

A company purchased a tract of land for its natural resources at a cost of $2,042,900. It expects to mine 2,190,000 tons of ore from this land. The salvage value of the land is expected to be $269,000. The depletion expense per ton of ore is:

Multiple Choice

  • $8.141.

  • $0.933.

  • $0.810.

  • $1.056.

  • $7.594.

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