Waterway Company has a mining operation in Alaska and has spent $244,000 for mineral rights, surveys, and excavation costs. The company engineers estimate that the mine containing the placer stream will produce a total of 1,000 tons of the metal. Assume in the first year that the company earned $520,000 in gross revenue and incurred $190,000 in operating expenses, and in the second year, the company earned $310,000 in gross revenue and incurred $170,000 in operating expenses. What is the company's maximum depletion deduction in Years 1 and 2 if the company extracted and sold 320 tons in the first year and 190 tons in the second year? Year 1 $ tA Year 2 tA $ Deduction 78080 46360

Waterway Company has a mining operation in Alaska and has spent $244,000 for mineral rights, surveys, and excavation costs. The company engineers estimate that the mine containing the placer stream will produce a total of 1,000 tons of the metal. Assume in the first year that the company earned $520,000 in gross revenue and incurred $190,000 in operating expenses, and in the second year, the company earned $310,000 in gross revenue and incurred $170,000 in operating expenses. What is the company's maximum depletion deduction in Years 1 and 2 if the company extracted and sold 320 tons in the first year and 190 tons in the second year? Year 1 $ tA Year 2 tA $ Deduction 78080 46360

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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