Fleetwood Corp. purchased a mine in 2016 for $500,000 and estimated that 30,000 tons of iron ore could be extracted from it. There was no residual value. The business extracted and sold 2,500 tons of ore in 2016. How will the mine be reported on the balance sheet at the end of year 2016? (Round all intermediate calculations to the nearest cent.)

Please post the report balance sheet. Thank you.