1 point On July 1, 2014, Iba Mining Company, a calendar-year corporation, purchased the rights to a copper mine. Of the total purchase price, P2,800,000 was appropriately allocable to copper. Estimated reserves were 800,000 tons of copper. Iba expects to extract and sell 10,000 tons of copper per month. Production began Immediately. The selling price is P2,500 per ton. If sales and production conform to expectations, what is Iba's depletion expense on this mine for financial accounting purposes for the calendar year 2014?* P35,000 P210,000 O P410,000 Zero