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nataly862011 [7]
3 years ago
6

On January 15, 2020, Vern purchased the rights to a mineral interest for $3,500,000. At that time, it was estimated that the rec

overable units would be 500,000. During the year, 40,000 units were mined and 25,000 units were sold for $800,000. Vern incurred expenses during 2020 of $500,000. The percentage depletion rate is 22%. Determine Vern's depletion deduction for 202
Business
1 answer:
larisa86 [58]3 years ago
6 0

Answer: $175,000

Explanation:

Vern's depletion deduction for 2020 will be calculated thus:

= (Cost - Salvage value) / (Estimated Number of units × Number of units extracted

= 3500000/500000 × 25000

= 7 × 25000

= $175000

Therefore, Vern's depletion deduction for 2020 is $175000

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Portman Industries just paid a dividend of $2.40 per share. The company expects the coming year to be very profitable, and its d
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3 years ago
Interest groups are often categorized by the causes or people they represent. Match each example of a specific interest group to
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Public action committees (PAC) is an example of a specific interest group that was established primarily to influence election.

<h3>What is an interest group?</h3>

An interest group can be defined as a group that comprises individuals who are only concerned about influencing policies of the government based on their interests, cause, common aims, goals, or people they represent.

In the United States of America, some examples of interest groups include the following:

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2 years ago
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