Question 20

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On April 1, 2019, Leon Company purchased a copper mine at a cost of $84,000,000. The mine was estimated to contain 4,000,000 tons of ore and to have a residual value of $24,000,000 after mining operations are completed. During the year, 750,000 tons of ore were removed from the mine. On December 31, 2019, the book value of the mine is:

Select one:

A. $48,750,000

B. $52,500,000

C. $90,000,000

D. $72,750,000