Boyd Company paid \(\$ 7,200,000\) for the right to extract all of the mineral-bearing ore, estimated at 10 million tons, that can be economically extracted from a certain tract of land. During the first year, Boyd Company extracted \(1,000,000\) tons of the ore and sold 800,000 tons. What part of the \(\$ 7,200,000\) should be charged to expense during the first year?