Calculate amortization and depletion for each transaction. 

1.  A gold garment production company acquired the rights to a mine for $ 520,000,000. At the mine, there are an estimated 150,000,000 tons of gold. The amount of 50,000 tons was sold in the year. Calculate the depletion rate and depletion expense for the year.

2.  A fast-food business acquired the copyright to a recipe book for $ 80,000 with a useful life of 15 years. Calculate the amortization. 

3.  A company pays a patent for $ 98,000 with a useful life of 12 years. Calculate the amortization.

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1 Depletion rate per ton 5200000... View the full answer