The Martin Mining Company purchased a mine for $676, 800. It was estimated that the mine would produce 11.280.000 tons of ore, and be totally worthless when all of the ore was extracted. Martin Mining extracts 1.395.000 tons of ore the first year and sells 1, 250.000 tons. At the end of the first year, the Ore Inventory account would be: $676, 800 $83, 700 $75,000 $8, 700 Some other amount. $ ___________ Which of the following statements best describes depreciation? Depreciation is an expense that equals an amount of cash set aside each period to replace assets that are worn out. Depreciation is the process of allocating a plant asset's cost to expense over the period that the asset is used in operations. Depreciation is the expense amount, recorded each period, that is related to the write-off of the cost of a natural resource. None of the above describes depreciation