1) The book value of a plant asset is a

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1) The book value of a plant asset is

a. the fair market value of the asset at a balance sheet date.

b. the asset's acquisition cost less the total related depreciation recorded to date.

c. equal to the balance of the related accumulated depreciation account.

d. the assessed value of the asset for property tax purposes.

2) During 2017, Logan Corporation acquired a mineral mine for $4,000,000 of which $400,000 was ascribed to land value after the mineral has been removed. Geological surveys have indicated that 10 million units of the mineral could be extracted. 2017, 1, 500,000 units were extracted and 1, 250,000 units were sold. What is the amount of depletion expensed for 2017?

a. $400,000.

b. $450,000.

c. $300,000.

d. $540,000.