1 point On January 1, 2017, an entity purchased mineral mine for P26.4M with removable ore estimated at 1.2M tons. After It has extracted all the ore, the entity will be required by law to restore the land to the original condition at an estimated cost of P2.2M. the present value of the estimated restoration cost is P1.8M. The property can be sold afterwards for P3M. During 2017, the entity Incurred P2M exploration cost and P1.6M development cost preparing the mine for production. The entity removed 80,000 tons of or and sold 60.000 tons of ore in the current year. What amount of depletion should be included in cost of goods sold for the current year?* 1 0