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On April 1, 2016, Jane Company purchased a copper mine at a cost of $56,000,000. The mine was estimated to contain 4,000,000 tons of ore

On April 1, 2016, Jane Company purchased a copper mine at a cost of $56,000,000. The mine was estimated to contain 4,000,000 tons of ore and to have a residual value of $16,000,000 after mining operations are completed. During the year, 750,000 tons of ore were removed from the mine. On December 31, 2016, the book value of the mine is:

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