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Question 46 Santa Fe Inc. purchased the rights to extract turquoise on a tract of land over a five- year period. Santa Fe paid $450,000

Question 46 Santa Fe Inc. purchased the rights to extract turquoise on a tract of land over a five- year period. Santa Fe paid $450,000 for extraction rights. A geologist estimates that Santa Fe will recover 8,000 pounds of turquoise. During the current year, Santa Fe extracted 1,800 pounds of turquoise, which it sold for $240,000. What is Santa Fe's cost depletion deduction for the current year? None of the choices are correct. $54,000 $450,000 $120,000 $101,250

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