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 Spot Sales Price, $/Ton 9.82 Sales, Tons 34,300 50,100 71,900 2 10 11.23 Year Gross Income, $ Depletion amount 50% of the taxable amount Allowed Depletion