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Business, 29.05.2020 16:59 justinchou814

Lucky Strike Mine purchased a silver deposit for $1,500,000. It estimated it would extract 500,000 ounces of silver from the deposit. Lucky Strike mined the silver and sold it reporting gross receipts of $2.5 million during its first tax year. If Lucky Strike extracted 150,000 ounces of silver during its first tax year, what is Lucky Strike's depletion expense for the year using cost depletion?

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