Early in the current year, Tokay Co. purchased the Silverton Mine at a cost of $31,420,000. The mine was estimated to contain 290,000 tons of ore and to have a residual value of $3,000,000 after mining operations are completed. During the year, 275,000 tons of ore were removed from the mine. At year-end, the book value of the mine (cost minus accumulated depletion) is:

$4,470,000

Explanation:

Cost per ton = Cost - Salvage value / Estimated tons

Cost per ton = 31,420,000 - 3,000,000 / 290,000

Cost per ton = $98 per tons

Tons remaining = 290,000 - 275,000

Tons remaining = 15,000 tons

Book value of the mine at year-end = 15,000 tons*$98 + $3,000,000

Book value of the mine at year-end = $1,470,000 + $3,000,000

Book value of the mine at year-end = $4,470,000

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