A relatively small privately owned coal-mining company has the sales results summarized below. Determine the annual percentage depletion for the coal mine. Assume the company's taxable income is $130,000 each year. Year 1 Sales, Tons 34,300 Spot Sales Price, $/Ton 9.82 2 50,100 12 3 71,900 11.23 50% of the Gross Depletion Allowed Year taxable Income, $ amount Depletion amount 1 336206 21.94 336026 18.95 2 551100 32.05 551100 24.996 3 807437 40 807437 16.719