South African Gold Mines, Inc. is writing off its$210
Chapter 16, Problem 16.53(choose chapter or problem)
South African Gold Mines, Inc. is writing off its$210 million investment using the cost depletionmethod. An estimated 700,000 ounces of gold areavailable in its developed mines. This year 35,000ounces were produced at an average price of $400per ounce. The depletion for the year is closest to: (a) $2.1 million, which is 15% of the gross incomeof $14.0 million (b) $2.4 million (c) $10.5 million (d) $42 million, which is 15% of the gross incomeof $280 million
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