Question

In January 2017, Yucca Corporation purchased a mineral mine for $6,400,000 with removable ore estimated by geological surveys at 2,000,000 tons. The property has an estimated value of $500,000 after the ore has been extracted. The company incurred $1,500,000 of development costs preparing the mine for production. During 2017, 500,000 tons were removed and 400,000 tons were sold. What is the total amount of depletion that Yucca should record in Inventory for 2017?

Answer 1

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