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A company purchased a tract of land for its natural resources at a cost of $1,517,300. It expects to mine 2,010,000 tons of ore from

A company purchased a tract of land for its natural resources at a cost of $1,517,300. It expects to mine 2,010,000 tons of ore from this land. The salvage value of the land is expected to be $251,000. The depletion expense per ton of ore is:

  • $0.880.

  • $8.008.

  • $6.045.

  • $0.755.

  • $0.630.

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