Question: Please answer ASAP 4. Determine the allowable depletion charges using the lowable depletion charges using the percentage depletion method for the first year of gravel

Please answer ASAP

Please answer ASAP 4. Determine the allowable depletion charges using the lowable

4. Determine the allowable depletion charges using the lowable depletion charges using the percentage depletion method for the first year of gravel of estimated size of 40,000 tons. The applicable rate for the percentage depletion is 12%. Cost to acquire the rights = $130,000 Amount sold in year 1 = 2,000 Tons, Operating cost = $140,000 Selling rate= $90 per ton

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