1. National Mining Corp. purchased a mine, which holds an estimated 36,000 tons of iron ore, on January 1, 2018, for $526,000. The mine is expected to have zero residual value. The business extracted and sold 7,500 tons of ore in 2018 and 15,800 tons of ore in 2019. What is the depletion expense for 2018? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

A.230838

B.194838

C.109575

D.416385

2. During 2018, Landers Corp. had net sales of $16,000,000. The beginning total assets were $9,600,000.

The asset turnover ratio was 2.2 times. Calculate the ending total assets of Landers. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

A. 18327273

B. 9600000

C. 8727273

D. 4945454

Answer rating: 100% (QA)

1 Calculate depletion expense for 2018 Depletion expense per ton 5260... View the full answer