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Jack purchased limestone bearing property in Alaska in 2016. Jack's acquisition costs were $6,000,000. The estimated recoverable units of limestone are 100,000 tons. In 2016,

Jack purchased limestone bearing property in Alaska in 2016. Jack's acquisition costs were $6,000,000. The estimated recoverable units of limestone are 100,000 tons. In 2016, Jack sold 10,000 tons and had $300,000 of gross income.

(a) Calculate Jack's percentage depletion for 2016 (the statutory percentage for limestone is 14%).

(b) Calculate Jack's cost depletion for 2016.

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