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2. Jessica Company reports gross income of $781,000 and other property-related expenses of $507,650 and uses a depletion rate of 18%. Calculate the depletion allowance

2. Jessica Company reports gross income of $781,000 and other property-related expenses of $507,650 and uses a depletion rate of 18%. Calculate the depletion allowance for the current year using the percentage depletion method.

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