Brief Exercise 7-38 (Algorithmic) Natural Resources and Depletion Luper Company acquired a tract of land which contained iron deposits for $2,291,800, Luper spent $121,000 to access the Iron ore. Luper estimates that 2,000,000 tons of ore will be extracted. The estimated value of the land after the ore is extracted is $92,800. During the current year, Luper extracts 150,000 tons of iron ore. Required: Compute the cost of the natural resource and the amount of depletion taken during the year Cost of the natural resource Amount of depletion