(Answered) Question - steel rolling company purchased a mine on

Accounting

Question - Steel Rolling Company purchased a mine on January 1, 2015, for $500,000 and it is estimated to contain 30,000 tons of iron ore. There is no residual value. The company has extracted 2,500 tons of ore in 2015 and 3,800 tons of ore in 2016. What is depletion expense for 2016? (Do not round your intermediate calculations).

$33,333

$63,667

$63,333

$42,667

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