(Answered) Question - in march 2014 mallory mines co purchased a coal

Accounting

Question - In March, 2014, Mallory Mines Co. purchased a coal mine for $8,000,000. Removable coal is estimated at 1,500,000 tons. Mallory is required to restore the land at an estimated cost of $960,000, and the land should have a value of $840,000. The company incurred $2,000,000 of development costs preparing the mine for production. During 2014, 450,000 tons were removed and 300,000 tons were sold. Calculate the total amount of depletion that Mallory should record for 2014?

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