At the beginning of current year, a mineral mine for P20,000,000 with removable ore at 1,250,000 tones. After it has extracted all the ore, the entity is required to restore the land to the original condition at P1,000,000. The entity believed it will be able to sell the property afterwards for P2,950,000. During the current year, the entity incurred P3,200,000 of development costs preparing the mine for production and removed 60,000 tons and sold 45,000 tons of ore. What amount should be reported as depletion for the current year?