A relatively small privately owned coalmining company has the sales results summarized below. Determine the annual percentage depletion for the coal mine. Assume the company's taxable income is $115,000 each year. 19 Year Sales, Tons Spot Sales Price, $/Ton 1 34,300 9.82 2 50,100 1215 3 71,900 11423 0 Gross Depletion 501' 0f the Allowed Year taxable . Income, 3; amount Depletion amount 1 I I :I E | I I 2 I I :I E | I I 3 I I :I E |