Amount of the depletion expense recognized

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Reference no: EM13794819

On July 4, 2014, Wyoming Mining Company purchased the mineral rights to a granite deposit for $1,600,000. It is estimated that the recoverable granite will be 400,000 tons. During 2014, 100,000 tons of granite was extracted and 60,000 tons were sold. The amount of the Depletion Expense recognized for 2014 would be

$200,000

$120,000

$240,000

$400,000

Reference no: EM13794819

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