During $2019,$ a company purchased a mine at a cost of $$4,416,000.$ The company spent an additional $$780,000$ getting the mine ready

for its intended use. It is estimated that $480,000$ tons of mineral can be removed from the mine and the residual value of the mine will

be $$780,000.$ During $2019,63,000$ tons of mineral were removed from the mine and $53,000$ tons were sold.

Which of the following statements is correct with respect to the accounting for the mine? $($Do not round your intermediate

calculations.$)$

Multiple Choice

The inventory of minerals was $$579,600$ at December $31,2019.$

The book value of the mine decreased $$487,600$ during $2019.$

The $2019$ net income decreased $$579,600$ as a result of the mining during the year.

The $2019$ cost of goods sold was $$487,600.$