Chapter 10 Homework Assignment Note: You must show all work for each question in this Excel spreadsheet to receive credit for this assignment. Please upload the completed Excel spreadsheet (showing all calculations) to Blackboard using the link provided with the homework assignment. James Smith acquired the rights to property in northeast Alabama which contains reserves of gravel and pumice. lames paid $1,500,000 for the rights to the property, and his engineers have determined that approximately 50,000 pounds of gravel and pumice could be extracted from the property. James expects the gross income from the property to be $975,000 in 2022 , and taxable income is expected to be $95,000. During 2022, lames expects to extract 10,000 pounds of zravel and pumice from the property. The applicable percentage depletion rate for gravel and pumice is 5%. Question 1: What is James' cost depletion for 2022? Question 2: What is lames' percentage depletion for 2022? 4 Question 3: Based on the answers to Questions 1 and 2, what is the total depletion deduction for 2022 which can be recognized on fames' tax return