12) Jack purchased a copper mine in Utah in 2022. Jacks acquisition costs were $8,000,000....
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Accounting
12)
Jack purchased a copper mine in Utah in 2022. Jacks acquisition costs were $8,000,000. The estimated recoverable units of copper are 28,000 tons. In 2022, Jack sold 6,000 tons and had $4,000,000 of gross income.
(a) Calculate Jacks cost depletion for 2022.
(b) Calculate Jacks percentage depletion for 2022 (the statutory percentage for copper is 15%).
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