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 $110,000 each year. Year Sales, Tons Spot Sales Price, $/Ton 1 34,300 9.82 2 50,100 12.5 3 71,900 11.23 50% of the Gross Depletion Allowed Year taxable Income, $ amount Depletion amount 1 2 3