A lawyer who claims to be a specialist in securities law will be held to the standard of a

Avoidable interest is the amount of interest cost that a company could theoretically avoid if it had not made expenditures for the asset.

a. true b. false

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.