Exhibit 11-04
Kieso Company purchased a tract of land for $4,500,000 in anticipation of extracting 1,425,000 tons of ore. The residual value of the land is expected to be $480,000. The company mines 125,000 tons of ore in the first year.
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Refer to Exhibit 11-04, what amount of depletion was recorded in that first year?
A. $395,000
B. $352,500
C. $437,500
D. $375,000
Answer: B
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