Sheridan Mining Company has a December 31 fiscal year end. The following information relates to its Golden Grove mine: 1. Sheridan purchased the Golden Grove mine on March 31, 2023, for $3.50 million cash. On the same day, modernization of the mine was completed at a cash cost of $269,000. It is estimated that this mine will yield 580,000 tonnes of ore. The mine's estimated residual value is $260,000. Sheridan expects it will extract all the ore, and then close and sell the mine site in four years. 2. During 2023, Sheridan extracted and sold 210,000 tonnes of ore from the mine. 3. At the beginning of 2024, Sheridan reassessed its estimate of the remaining ore in the mine. Sheridan estimates that there are still 559,625 tonnes of ore in the mine at January 1, 2024. The estimated residual value remains at $260,000. 4. During 2024, Sheridan extracted and sold 190.000 tonnes of ore from the mine