(solution) Steel Rolling Company purchased a mine on January 1, 2015, for

Steel Rolling Company purchased a mine on January 1, 2015, for $500,000,which holds an estimated 30,000 tons of iron ore. The company expects the asset to have zero residual value. The company has extracted 2,500 tons of ore in 2015 and 3,800 tons of ore in 2016.
What is depletion expense for 2015? (Do not round your intermediate calculations).

$42,333

$41,667

$33,333

$42,667

 

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