Question: Midwestern Mining Co. operates a silver mine containing an estimated 400,000 tons of silver ore. The cost of the mine when purchased in 2015

Midwestern Mining Co. operates a silver mine containing an estimated 400,000 tons

Midwestern Mining Co. operates a silver mine containing an estimated 400,000 tons of silver ore. The cost of the mine when purchased in 2015 was $4 million, with a residual value of $800,000. 290,000 tons of ore were mined through 2020, and an additional 75,000 tons were mined in 2021. Calculate depletion expense for 2021 a. $750,000 b. $600,000 c. $545,625 d. Some other amount

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