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 $150,000 each year. Year 1 Sales, Tons 34,300 50,100 71,900 Spot Sales Price, $/Ton 9.82 12.5 11.23 2 3 Year Gross Income, $ Depletion amount 50% of the taxable amount Allowed Depletion 1 2 3