Ballum Company acquired land containing gold. Ballum will restore the land to a condition suitable for recreational use after it has extracted the gold. Geological surveys estimate that the recoverable reserves will be 5,000 ounces and the land will have a value of $2,000,000 after restoration. The land cost $15,000,000 and the estimated fair value of retirement obligation is $1,500,000. If Ballum maintains no inventories of gold, what is the depletion rate per ounce of gold? You must SHOW your WORK!