A company purchased land for its natural resources at a cost of $1,530,000. It expects to mine 2,075,000 tons of ore from this land. The residual value of the land is estimated to be $295,000. What is the amount of depletion per ton of ore? Multiple Choice $1137 $0737 $0.595 Columbia Clay, Inc. issues 1.07 million shares of preferred stock with a par value of $5.50 at its market price of $29.50 per share. The issuance should be recorded with a debit to Cash for: Multiple Choice $25.68 million, a credit to Additional Paid-in Capital for $5.89 million, and a credit to Preferred Stock for $31.57 million $31.57 million and a credit to Preferred Stock for $31.57 million. $5.89 million and a credit to Preferred Stock for $5.89 million $31.57 million, a credit to Preferred Stock for $5.89 million, and a credit to Additional Paid-in Capital for 525.68 million