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A company purchased a mineral deposit for $740,000. It expects this property to produce 1,140,000 tons of ore and to have a salvage value of

A company purchased a mineral deposit for $740,000. It expects this property to produce 1,140,000 tons of ore and to have a salvage value of $44,000. In the current year, the company mined and sold 84,000 tons of ore. Its depletion expense for the current period is equal to:

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