In 2025, Cullumber Corporation acquired a mineral mine for $3700000 of which $390000 was ascribed to the value of the land after the minerals have been removed. Geological surveys have indicated that 10 million units of the mineral could be extracted. During 2025, 1520000 units were extracted, and 1250000 units were sold. What amount of depletion recorded for 2025? O $562400 O $462500 O $390000 O $503120

In 2025, Cullumber Corporation acquired a mineral mine for $3700000 of which $390000 was ascribed to the value of the land after the minerals have been removed. Geological surveys have indicated that 10 million units of the mineral could be extracted. During 2025, 1520000 units were extracted, and 1250000 units were sold. What amount of depletion recorded for 2025? O $562400 O $462500 O $390000 O $503120

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 29CE

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