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Tata Enterprises purchased the mining rights to a tract of land containing an estimated 16,000 tons...

Tata Enterprises purchased the mining rights to a tract of land containing an estimated 16,000 tons of titanium for $2,700,000. The company estimated it would be able to salvage the land after extracting the minerals for $300,000. What is the book value of the asset after year 2, if the company extracted and sold 1,500 tons of titanium in year 1, and 2,000 tons of titanium in year 2?

Group of answer choices

$525,000

$2,175,000

$2,925,000

$1,875,000

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