Question: 8 During 2 0 2 2 , a company purchased a mine at a cost of $ 4 , 1 7 1 , 0 0

8
During 2022, a company purchased a mine at a cost of $4,171,000. The company spent an additional $730,000 getting the mine ready for its intended use. It is estimated that 430,000 tons of mineral can b removed from the mine and the residual value of the mine will be $730,000. During 2022,58,000 tons of mineral were removed from the mine and 48,000 tons were sold.
Which of the following statements is correct with respect to the accounting for the mine?
Note: Do not round your intermediate calculations.
Multiple Choice
The inventory of minerals was $562,600 at December 31,2022.
The 2022 net income decreased $562,600 as a result of the mining during the year.
The book value of the mine decreased $465,600 during 2022.
The 2022 cost of goods sold was $465,600.
8 During 2 0 2 2 , a company purchased a mine at

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