Balance sheet data for Pluto Petroleum as of 12/31/16 is as follows for Lease M:

Leasehold costs	$425,000
Less: Accumulated DD&A	($140,000)
Net leasehold costs	$285,000
Wells and related E&F—IDC	$2,300,000
Less: Accumulated DD&A—IDC	($900,000)
Net wells and related E&F—IDC	$1,400,000
Wells and related E&F—L&WE	$1,300,000
Less: Accumulated DD&A—L&WE	($170,000)
Net wells and related E&F—L&WE	$1,130,000

Pluto’s activities during 2017 related to Lease M were as follows:

Exploratory dry hole drilled	$575,000
Development dry hole drilled	$600,000
Tanks, separators, etc., installed	$240,000
Production	230,000 bbl
Proved reserves, 12/31/17	2,300,000 bbl
Proved developed reserves, 12/31/17	2,000,000 bbl

Requirement:
 Calculate the Amortization Expense for 2017.