10. 12.49 Rayonier Forrest Resources purchased a tract of land for $700,000. It contains a total of 25,000 harvestable timber trees. The value of the land, over and above the value of the timber, is estimated to be $200,000. In the first year of operation, Rayonier harvested 7000 trees. The cost depletion for year 1 is closest to: 1. $20,000 2. $70,000 3. $100,000 4. $140,000