ce XO Chapter 10 Fall 2023)- Requires Respondus LockDown Browser 3 H 6 9 12 15 18 21 11 24 6 mation CCGA Technology Services FTKK8V3 Natural resources are: O Assets that are physically consumed when used such as standing timber, mineral deposits, and oil and gas fields. Not subject to allocation to expense over their useful lives. Current liabilities because they are depleted. Tangible assets used in the operations of the business. Question 3 (1 point) Fortune Drilling Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to access the deposit, which is estimated to contain 2,000,000 tons and is expected to take 5 years to extract. Compute the depletion expense for the first year assuming 418,000 tons were mined. $1,280,000.00 $1,233,100.00 $1,180,000.00 $1,300,000.00 $1,358,500.00 Question 4 (1 point) A company paid $150,000, plus a 7% commission and $5,000 in closing costs for a property. The property included land appraised at $87,500, land improvements appraise