QUESTION 24 Use the information below for the following two questions: In January 2020, DeBruyne Mining Corporation leased a mineral mine for $3,550,000 with removable ore estimated by geological Surveys at 2,500,000 tons. De Bruyne incurred $1,150,000 of intangible development costs preparing the property for the extraction of ore. The present value of the cost of restoring the mine is estimated to be $250,000. During 2020, 340,000 tons were removed and 300,000 tons were sold. How much depletion expense should De Bruyne recognize for the year ended December 31, 2020? $516,800 $594,000 $642,000 $673,200 QUESTION 25 The inventory/depletion balance on December 31, 2020 after the all the sales for the year are recorded will be: $79,200 $86,200 $87,800 $91,120