Creating 'donut' polygons from existing overlapping polygon feature

[M_M]

Hi,

Is there an easy way to create 'donut' polygons from my current 'stacked' polygon feature class?

I am working on a bathymetric (lake) map and need to find the total acres at certain depths within the lake.  I currently have a polygon feature class symbolized by the depth attribute.  However, since the different polygons are stacked on top of each other, the acreage is incorrect.  Is there an easy/fast way to clip or intersect the polygon to create donuts, while keeping the correct depth attribute?

I have access to ArcInfo 9.2 and ArcInfo 10.

Thanks!
Melissa

[SamCoggins1]

You could apply the Erase tool iteratively. From what I understand you have a bunch of layers, each on larger than the last. If you start with the deepest layer, use that to cut a hole in the next layer up so on and so forth. Should work?