Answer for d

On January 1, 2019, Blossom Corporation acquired a small mine for $30 million along with equipment costing $8 million. Management estimated at that time that the mine should produce 30,000 ounces of gold and have no residual value while the equipment would have a useful life of eight years and no residual value. In 2019 and 2020, the company produced 2,000 and 2,600 ounces of gold, respectively. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. (a) Your answer is correct. Calculate the gold mine's accumulated depletion and carrying amount at the beginning of 2021. Accumulated depletion $ 4600000 Carrying amount 25400000 What is the amount of the gain or loss that would arise when a quarter of the equipment was sold on January 1, 2021, for cash proceeds of $1.8 million? Gain from sale of equipment $ 300000 e Textbook and Media Attempts: 2 of 5 used (d) X Your answer is incorrect. What is the depreciation expense for January 1, 2021, to October 31,2021 for the remaining equipment? Depreciation expense $ 5700000