Determine the depletion charges using the percentage, Business Economics

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Determine the depletion charges using the percentage

Determine the depletion charges using the percentage depletion method for the first year only for a coal mine. The applicable rate for the percentage depletion method is 12%. Cost to acquire mine rights = $50,000

Estimated mine size = 10,000 Tons

Selling price = $80 per Ton

Amount sold in year 1 = 2,000 Tons

Operating cost in year 1 = $100,000.

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Business Economics: Determine the depletion charges using the percentage

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