O'Reilly Corp. purchased a mine on January 1, 2016 for $506.000 $506,000. The mine is estimated to contain  39,000 tons of iron ore. There is no residual value. The company mined and sold 11,500 tons of ore in 2016 and 13,800 tons of ore in 2017. 

What is the book value of the mine at the end of 2017? (Round any intermediate calculations to two decimal places and your final answer to the nearest dollar.

Answer rating: 100% (QA)

Determine the depletion expense for the two years Depletion expense p... View the full answer