IVERSITY AL ACCOUNTING 2-1194 - 1 ses / FINANCIAL ACCOUNTING 2-1194 - 1 / Topic 8 / TEST 1- ACCOUNTING 230-GROUP 1. CHAPTE A company purchased a tract of land for its natural resources at a cost of $1,500,000. It expects to mine 2,000,000 ore from this land. The salvage value of the land is expected to be $250,000. The depletion expense per ton of ore Select one: a $6.00 b. $0.875 c. $0.625 d. S0.75 Clear my choice Ne 30-Group 1 Jump to MacBook Air 000 000 F4 20 F3 " F6 F5 F7 FI F2 Call us: +97(0/2)-2-2982000 9 E-mail : help@ritaj.ps IT UNIVERSITY CIAL ACCOUNTING 2-1194 - 1 courses / FINANCIAL ACCOUNTING 2-1194 - 1 / Topic 8 / TEST 1- ACCOUNTING 230-GROUP - CHAPTERS 10 AND An asset's book value is $18,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $15,000, the company should record: Select one a. Again on sale of $12.000 b. A loss on sale of $12.000 c. A loss on sale of $3,000. d. Neither again nor a loss is recognized on this transaction Next page 230 Group Jump to. MacBook Air F2 FS # 2 $ % &