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A company purchased a tract of land for its natural resources at a cost of $1,950,800. It expects to mine 2,160,000 tons of ore from

A company purchased a tract of land for its natural resources at a cost of $1,950,800. It expects to mine 2,160,000 tons of ore from this land. The salvage value of the land is expected to be $266,000. The depletion expense per ton of ore is:

Multiple Choice

$1.026.
$8.120.
$0.780.
$0.903.
$7.334.

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