Question 9 Partially correct Mark 1.80 out of 3.00 Flag question Edit question Calculating Depletion, Depreciation, and Ending Inventory Atlas Company purchased the rights to a copper mine for $6,000,000 on January 1. The mine is expected to provide 1,400,000 tons of copper. Atlas also purchased equipment on June 30 for $120,000 (residual value $10,000) that will be used for this mine and other projects. The equipment's estimated useful life is 6 years. During the year, the company extracted 100,000 tons of copper and sold 60,000 tons. a. Calculate depletion for the year. Numerator Annual depletion rate: 5 6.000.000/ / Denominator 1.400.000 Result 429 Note: Use the Result from above EXACTLY as shown in your calculation below. Annual depletion: $ 428,571 x b. Calculate depreciation expense for the year assuming the company uses straight-line depreciation. Note: Round your final answer to the nearest dollar. Depreciation expense: $ 18,333 c. Determine ending inventory of copper for this year. Ending inventory: $ 40,000 x