Accounting

Rojas Company purchased for $3,800,000 a mine estimated to contain 2 million tons of ore. When the ore is completely extracted, it was expected that the land would be worth $200,000. During the first year, 750,000 tons of ore were mined, and $300,000 was spent for labor and other operating costs. Calculate the total amount of depletion for the first year. SHOW YOUR CALCULATIONS