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In March, 2020, Swifty Corporation purchased a coal mine for $8050000. Removable coal is estimated at 1500000 tons. Swifty is required to restore the land
In March, 2020, Swifty Corporation purchased a coal mine for $8050000. Removable coal is estimated at 1500000 tons. Swifty is required to restore the land at an estimated cost of $970000, and the land should have a value of $900000. The company incurred $2050000 of development costs preparing the mine for production. During 2020,390000 tons were removed and 270000 tons were sold. The total amount of depletion that Swifty should record for 2020 is O $2644200 O $1830600 O $1656000 $2392000
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