FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $500,250 for extraction rights. A geologist estimates that Santa Fe will recover 7,250 pounds of turquoise. During the current year, Santa Fe extracted 2,175 pounds of turquoise, which it sold for $322,000. What is Santa Fe's cost depletion deduction for the current year?

 

Multiple Choice
  •  

    $100,050

  •  

    $150,075

  •  

    $182,090

  •  

    $500,250

  •  

    None of the choices are correct.

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