4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 28 29 30 31 32 33 34H 35 36 37 38 39 40 41 42 43 44 45 46 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65H 66 67 68 69 7 72 73 Miller Mining, a calendar-year corporation, purchased the rights to a copper mine on July 1, Year 1. Of the total purchas price, $2.8 million was appropriately allocable to the copper. Estimated reserves were 800,000 tons of copper. Miller exp to extract and sell 10,000 tons of copper per month. Production began immediately. The selling price is $25 per ton. Mill uses percentage depletion (15%) for tax purposes. To aid production, Miller also purchased one new equpment on Year 1. The equipment cost $76,000 and had an estimated useful life of 8 years. After all the copper is removed from mine, however, the equipment will be of no use to Miller and will be sold for an estimated $4,000. If sales and production conform to expectations, what is Miller's depletion expense on this mine for financial accounting purposes for the Year 1 calendar year? $210,000 O $420,000 O $215,400 $105,000