Gilbert Company purchased a mineral deposit for $800,000. It expects this property to produce 1,200,000 tons of ore and to have a salvage value of $50,000. In the current year, the company mined and sold 90,000 tons of ore. Its depletion expense for the current period equals:
A) $ 15,000.
B) $ 60,000.
C) $150,000.
D) $ 56,250.
E) $139,500.
Answer: D) $ 56,250.
Business
You might also like to view...
A ________ is a measure of the performance of a group of stocks that represent the market or a sector of the market.
A) stock market index B) stock grouping C) market composite D) portfolio return E) none of the above
Business
Who is regarded the main user of accounting information in China?
A. Listed companies B. Banks C. Investors D. The government
Business