A relatively small privately owned coal-mining company has the sales results summarized below. Determine the annual...

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A relatively small privately owned coal-mining company has the sales results summarized below. Determine the annual percentage depletion for the coal mine. Assume the company's taxable income is $145,000 each year. Year Sales, Tons Spot Sales Price, $/Ton 1 2 34,300 9.82 50,100 13.5 3 71,900 11.23 50% of the Gross Depletion Allowed Year taxable Income, $ amount Depletion amount 1 2 3 A relatively small privately owned coal-mining company has the sales results summarized below. Determine the annual percentage depletion for the coal mine. Assume the company's taxable income is $145,000 each year. Year Sales, Tons Spot Sales Price, $/Ton 1 2 34,300 9.82 50,100 13.5 3 71,900 11.23 50% of the Gross Depletion Allowed Year taxable Income, $ amount Depletion amount 1 2 3

Answer rating: 100% (QA)

To calculate the annual percentage depletion for the coal mine we need to follow these step... View the full answer