A relatively small privately-owned gravel-mining company has the sales results summarize below. Determine the annual percentage depletion for the limestone mine in year 3. Assum company's taxable income is $165,000 each year. $165,000 (2) Spot Sales Price, $/Ton Taxable income: Year (1) Sales, Tons 1 34300 2 50100 3 71900 9.82 10.5 11.23 Gross Income (1) * (2) $ $ $ 336,826 526,050 807,437

Calculate the salvage value of equipment with a service life of 15 years if it was purchased 5 years ago for $120 000 and depreciates at the rate of 10% per year. Select one: a. $60 000 b. $70 859 c. $12 000 d. $24 707 e. $5 400     Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.

8BE11-11 Francis Corporation purchased an asset at a cost of $50,000 on March 1, 2014. The asset has a useful life of 8 years and a salvage value of $4,000. For tax purposes, the MACRS class life is 5 years. Compute tax depreciation for each year 2014-2019.

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