Business, 26.03.2020 22:30 msroxcie

Lucky Strike Mine (LLC) 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 $1.8 million, $2.5 million, and $2 million for Years 1 through 3, respectively. During Years 1 through 3, Lucky Strike reported net income (loss) from the silver deposit activity in the amount of ($100,000), $400,000, and $100,000, respectively. In Years 1 through 3, Lucky Strike actually extracted 300,000 ounces of silver as follows:Ounces extracted per yearYear 1 Year 2 Year 350,000 150,000 100,000What is Lucky Strike's depletion expense for year 2 if the applicable percentage depletion for silver is 15 percent?A. $400,000B. $450,000C. $200,000D. $375,000E. None of the choices are correct.

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Lucky Strike Mine (LLC) purchased a silver deposit for $1,500,000. It estimated it would extract 500...

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