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A lumber company purchased a tract of land for $70,000 that contained an estimated 25,000 usable trees. The value of the land was estimated at $20,000. In the first year of operation, the lumber company cut down 5000 trees. According to the cost depletion method, the depletion deduction for year 1 is closest to:
(a) $2000
(b) $7000
(c) $10,000
(d) $14,000
Apr 03 2020 View more View Less
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