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Santa Fe purchased the rights to extract turquoise on a tract...

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Accounting

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Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $500,250 for extraction rights. A geologist estimates that Santa Fe will recover 7,250 pounds of turquoise. During the current year, Santa Fe extracted 2,175 pounds of turquoise, which it sold for $322,000. What is Santa Fe's cost depletion deduction for the current year? Mutiple Choice $100,050 $150,075 5182.090 $500,250 None of the choices are correct

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