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A gold mine with an estimated deposit of 500000 ounces of gold is purchased for $80 million The mine has a gross income of $48365000 for the year obtained from selling 52000 ounces of gold

A gold mine with an estimated deposit of 500,000 ounces of gold is purchased for $80 million. The mine has a gross income of $48,365,000 for the year, obtained from selling 52,000 ounces of gold. Mining expenses before depletion equal $22,250,000. Compute the percentage depletion allowance. Would it be advantageous to apply cost de¬pletion rather than percentage depletion? View Solution:
A gold mine with an estimated deposit of 500 000 ounces

May 21 2020 View more View Less

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