estion 8 Assume that Timbertine Corporation has 2010 table income of $250.000 before the $179 expense Purchase Date Asset Basils) Furniture (7year) December 1 $350,000 Computer Equipment (5 90,000 February 28 July 15 Copier (your 30.000 Machinery (7-year) May 22 450.000 Total $960,000 What is the maximum amount of 5179 expense Timberline may deduct for 2019? Selected Answer: 350000 Question 9 0 out of 3 points Last Chance Mine (LC) purchased a cool deposit for 1780.000. It estimated it would extract 12.000 tons of coal from the depost LC mined the coal and sold reporting gross receipts of $1 million for year 1 During year 1. LC reported net income from the cool deposit activity in the amount of $30.000 in year 1. LC actually extracted 2.000 tons of coal. What is Last Chance's cost depletion for years 17 Selected Answer: None Given Question 10 O out of 3 points Last Chance Mine (LC) purchased a cool deposit for 780,000. It estimated it would extract 12,000 tons of coal from the deposit LC mined the cool and sold reporting gross recepts of $1 million for year During year 1, LC reported net income from the cool deposit activity in the amount of $30,000. In year 1. LC actually extracted 2,000 tons of coal. What is Last Chance's percentage depletion for year 1 (the applicable percentage for coal is 10 percent Selected Answer 130000 estion 8 Assume that Timbertine Corporation has 2010 table income of $250.000 before the $179 expense Purchase Date Asset Basils) Furniture (7year) December 1 $350,000 Computer Equipment (5 90,000 February 28 July 15 Copier (your 30.000 Machinery (7-year) May 22 450.000 Total $960,000 What is the maximum amount of 5179 expense Timberline may deduct for 2019? Selected Answer: 350000 Question 9 0 out of 3 points Last Chance Mine (LC) purchased a cool deposit for 1780.000. It estimated it would extract 12.000 tons of coal from the depost LC mined the coal and sold reporting gross receipts of $1 million for year 1 During year 1. LC reported net income from the cool deposit activity in the amount of $30.000 in year 1. LC actually extracted 2.000 tons of coal. What is Last Chance's cost depletion for years 17 Selected Answer: None Given Question 10 O out of 3 points Last Chance Mine (LC) purchased a cool deposit for 780,000. It estimated it would extract 12,000 tons of coal from the deposit LC mined the cool and sold reporting gross recepts of $1 million for year During year 1, LC reported net income from the cool deposit activity in the amount of $30,000. In year 1. LC actually extracted 2,000 tons of coal. What is Last Chance's percentage depletion for year 1 (the applicable percentage for coal is 10 percent Selected Answer 130000