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Please answer correct calculation please asap Don't answer by pen paper plz You recently purchased a magic mine for $8.57 million. Initial estimates indicate that
Please answer correct calculation please asap
Don't answer by pen paper plz
You recently purchased a magic mine for $8.57 million. Initial estimates indicate that the deposit contains 1.80 million gallons of magic which has a 6.8% depletion allowance. In the first year of operation, 100,790 gal. of magic were mined at an expense of $2.31 per gallon. The magic sold for $24.99 per gallon. There were no other relevant revenues or expenses. How much could you claim using cost depletion?
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