During 2016, a company purchased a mine at a cost of $4.251,000. The company spent an additional $690.000 getting the mine ready for its intended use is estimated that 390,000 tons of mine can be removed from the mine and the residual value of the mine will be $690.000. During 2016, 54,000 tons of mineral were removed from the mine and 44,000 tons were sold. Which of the following statements is correct with respect to the accounting for the mine? The inventory of minerals was $500,000 m December 2016 O The 2016 cost of goods sold was $479,600 The 2016 net income decreased $588,600 as a result of the mining during the year O The book value of the mine decreased $479.000 during 2016