In March, 2014, Mallory Mines Co. purchased a coal mine for $8,000,000. Removable coal is estimated at 1,500,000 tons. Mallory is required to restore the land at an estimated cost of $960,000, and the land should have a value of $840,000. The company incurred $2,000,000 of development costs preparing the mine for production. During 2014, 450,000 tons were removed and 300,000 tons were sold. The total amount of depletion that Mallory should record for 2014 is $3,036,000. $1,832,000. $2,748,000. $2,024,000. Question 43 (1.54 points) Barton Corporation acquires a coal mine at a cost of $1,500,000. Intangible development costs total $360,000. After extraction has occurred, Barton must restore the property (estimated fair value of the obligation is $180,000), after which it can be sold for $510,000. Barton estimates that 5,000 tons of coal can be extracted. If 900 tons are extracted the first year, which of the following would be included in the journal entry to record depletion? Credit to Accumulated Depletion for $459,000 Debit to Accumulated Depletion for $275,400 Debit to Inventory for $275,400 Credit to Inventory for $270,000 Question 44 (1.54 points) Companies should test indefinite life intangible assets at least annually for impairment. amortization. O O O O recoverability. estimated useful life