3. Atlantic Iron Ore Corporation (5 marks) On March 1, 2020, Atlantic Iron Ore Corporation purchased a mine for $80 million, which is estimated to have 250,000 tonnes of ore and a salvage value of $3 million. The cost of restoration at the end of the useful life is estimated at $8 million. During the first year 50,000 tonnes of ore were extracted.

a. Calculate the amount of amortization that should be recorded on December 31, 2020. (2 marks)