C Question 16 4 pts Boone Pickens (BP) mining operates gold and silver mines throughout the west coast. On 4/30/2016 they acquire the right to mine a 30 acre parcel of land for $10,000,000. They expect that this mine will ultimately produce 25,000 ounces of gold. An appraisal reveals that the value of the raw land would have been $1,000,000. They spend an additional $2,000,000 on a geologist and engineer to help develop the mine, and agree to repurpose the land into a park at the completion of the mine life. They expect that the cost of this asset retirement obligation will be approximately $1,000,000, which they estimate to have a present value of $300,000. They hire 100 miners to work in the mine at an average annual salary of $100,000, and spend $2,000,000 on equipment to be used in the mine (this equipment is assumed to have a useful life of 10 years and a salvage value of $50,000). They mine 5,000 ounces of gold in 2017. What is the depletion rate per ounce that BP mining should use? C Question 16 4 pts Boone Pickens (BP) mining operates gold and silver mines throughout the west coast. On 4/30/2016 they acquire the right to mine a 30 acre parcel of land for $10,000,000. They expect that this mine will ultimately produce 25,000 ounces of gold. An appraisal reveals that the value of the raw land would have been $1,000,000. They spend an additional $2,000,000 on a geologist and engineer to help develop the mine, and agree to repurpose the land into a park at the completion of the mine life. They expect that the cost of this asset retirement obligation will be approximately $1,000,000, which they estimate to have a present value of $300,000. They hire 100 miners to work in the mine at an average annual salary of $100,000, and spend $2,000,000 on equipment to be used in the mine (this equipment is assumed to have a useful life of 10 years and a salvage value of $50,000). They mine 5,000 ounces of gold in 2017. What is the depletion rate per ounce that BP mining should use