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

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Accounting

Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $684,000 for extraction rights. A geologist estimates that Santa Fe will recover 9,000 pounds of turquoise. During the current year, Santa Fe extracted 2,700 pounds of turquoise, which it sold for $437,000. What is Santa Fe's cost depletion expense for the current year? $205,200.

$136,800

. $248,240.

None of the choices are correct.

$684,000.

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