On January 1, Year 1, Monroe Minerals Company purchased a copper mine for $130,000,000. The mine was expected to produce 50,000 tons of copper over its useful life. During Year 1, the company extracted 8000 tons of copper. The copper was sold for $6500 per ton. Assume that the company incurred $9,100,000 in operating expenses during Year 1. What is the amount of net income for Year 1?
A. $20,800,000
B. $22,100,000
C. $11,700,000
D. $31,200,000
Answer: B
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