A company purchased mining property for $3,600,000 containing an estimated 12,000,000 tons of ore. In Year 1, it mined 3,600,000 tons of ore and in Year 2, it mined 1,700,000 tons. Calculate the depletion expense for Year 1 and Year 2 and determine the book value of the property at the end of Year 2.

A company purchased mining property for $3,600,000 containing an estimated 12,000,000 tons of ore. In Year 1, it mined 3,600,000 tons of ore and in Year 2, it mined 1,700,000 tons. Calculate the depletion expense for Year 1 and Year 2 and determine the book value of the property at the end of Year 2