Brief Exercise 7-38 (Algorithmic) Natural Resources and Depletion Luper Company acquired a tract of tand which contained iron deposits for $4,564,800. Luper spent $240,000 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 one is extracted is $100,000. 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