Question 1 (15 points) A company owns gold mining operations in the United States, Australia, and South Africa The Colorado mine has the taxable income and sales results summarized below. Determine the annual percentage depletion amount for the gold mine. Percentage depletion for gold is! 15% of gross income, provided it does not exceed 50% of taxable income. Year Taxable Income, $ 180,000 300,000 140,000 Sales, Ounces 2,500 6,000 3,800 Average Sales Price, S/Ounce 130 145 140 Question 1 (15 points) A company owns gold mining operations in the United States, Australia, and South Africa The Colorado mine has the taxable income and sales results summarized below. Determine the annual percentage depletion amount for the gold mine. Percentage depletion for gold is! 15% of gross income, provided it does not exceed 50% of taxable income. Year Taxable Income, $ 180,000 300,000 140,000 Sales, Ounces 2,500 6,000 3,800 Average Sales Price, S/Ounce 130 145 140