The result says that net income is $134,000

34A. Wright Oil Company's balance sheet includes three assets: Natura Gas Oil, and coal. Suppose Wright paid $2.8 million cash for the the right to work a mine with an estimated 100.000 tons of coal. Assume company paid $60,000 to remove unwanted buildings from the land and $45,000 to prepare the surface for mining. Further, assume tha Wright signed a $30,000 note payable to a company that will return the land surface to its original condition after the mining ends. During the first year, Wright removed 40.000 tons of coal, which it sold on account for $39 per ton. Operating expenses for the first year totaled $252,000, all paid in cash. equirements 1. Record all of Wright's transactions, including depletion, for the year. 2. Prepare the company's income statement for its coal operations for the year