ABC Corp., embarked a new venture in DEF Corporation in 2022. It expects to gleam 2,000,000 ounces of a precious ore from its holdings there, over several years. Relevant data follow:

• Cost of the mineral rights, P 500,000
• Exploration cost, 2022 (1/3 successful). P 1,500,000
• Extraction cost, 2022, P 2,000.000
• Ore extracted, 2022 (500,000 oz.)
• Ore sold, 2022 (300,000 oz.)

What is depletion for 2022, using the full cost method of accounting for exploration costs?

P 250,000 P 150,000 P 500,000 P 1,000,000