Madisonville Mining Company acquired property for $3,000,000 for the development

Question

Madisonville Mining Company acquired property for $3,000,000 for the development of a copper mine. Madisonville expects that the mine will produce 1,500,000 tons of copper, and once mining is completed, the property could be sold for $600,000. (Hint: If the total cost for the property with copper is $3 million, and the the cost of the property alone, after all copper is mined, is $600,000, then the cost of the copper is..........?)

Assume that Madisonville is able to recover and sell 300,000 tons of copper in 2007. The depletion expense for the year would be

$600,000.

$480,000.

$150,000.

$1,500,000.

none of the above

$600,000.

$480,000.

$150,000.

$1,500,000.

none of the above

Explanation / Answer

Solution:

Non of te Above

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.