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Business, 03.12.2021 17:10 2021andrewkell

Lucky Strike Mine purchased a silver deposit for $1.5 million. It estimated it would extract 500,000 ounces of silver from the deposit. In the current year, Lucky Strike extracted and sold 70,000 ounces of silver. It also reported $1.8 million of gross receipts from the sale of silver and net income of $520,000. The percentage depletion rate for silver is 15%. What is Lucky Strike's depletion deduction for the year

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Lucky Strike Mine purchased a silver deposit for $1.5 million. It estimated it would extract 500,000...
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