Mayfair Mining Company had total depletable capitalized costs of $656,000 for a mine acquired in early 2013. It was estimated that the mine contained 820,000 tons of recoverable ore when production began. During 2013, 20,500 tons were mined, and 41,000 tons were mined in 2014. Compute the depletion expense in 2013 and 2014 for financial accounting purposes. (Do not round your intermediate calculations. Omit the "$" sign in your response.) Depletion expense 2013 $16400 2014 $ 32800 In 2013, 20,500 tons of ore were sold for $2,050,000. For tax purposes, operating expenses of the mine were $500,000. The taxpayer may deduct either cost depletion or percentage depletion, which for the type ore produced is 8 percent of production sold from the mine. (Assume, however, that percentage depletion is limited to the amount of net income from the property.) What would be the amount of percentage depletion allowable in 2013? (Omit the "$" sign in your response.) Percentage depletion $164000 What would be the amount of cost depletion allowable for tax purposes in 2013, assuming that capitalized mineral costs are the same for tax purposes as for financial accounting purposes? (Omit the "$" sign in your response.) Cost depletion $164000 What will be the amount of depletion based on cost that the company could deduct on its tax return in 2014 if it deducts percentage depletion in 2013? (Do not round intermediate calculations and round your final answer to nearest dollar amount. Omit the "$" sign in your response.) Cost depletion $ ? I need to understand this part Suppose that in the first three years of the mine's life, the company took percentage depletion totaling $654,000. In the fifth year of the mine's life, production proceeds were $4,300,000. How much percentage depletion could the company deduct in the fifth year? (Omit the "$" sign in your response.) Percentage depletion ? I need to understand this part