A company purchased a plot of land for $150,000 for the purposes of harvesting timber for...

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A company purchased a plot of land for $150,000 for the purposes of harvesting timber for resale. The company paid $10,000 to have the property boundaries marked by a land surveyor and estimates that it will be able to sell the land for $60,000 after it harvests all the timber. The company believes it will harvest 50,000 board-feet of lumber from the land. Which amount of depletion expense should the company record if it harvested 6,000 board-feet of lumber during its first year of operations? A company purchased a plot of land for $150,000 for the purposes of harvesting timber for resale. The company paid $10,000 to have the property boundaries marked by a land surveyor and estimates that it will be able to sell the land for $60,000 after it harvests all the timber. The company believes it will harvest 50,000 board-feet of lumber from the land. Which amount of depletion expense should the company record if it harvested 6,000 board-feet of lumber during its first year of operations?