Buffalo Company owns 9,000 acres of timberland purchased in 2006 at a cost of $1,512 per acre. At the time of purchase, the land without the timber was valued at $432 per acre. In 2007, Buffalo built fire lanes and roads, with a life of 30 years, at a cost of $90,720. Every year, Buffalo sprays to prevent disease at a cost of $3,240 per year and spends $7,560 to maintain the fire lanes and roads. During 2008, Buffalo selectively logged and sold 756,000 board feet of timber, of the estimated 3,780,000 board feet. In 2009, Buffalo planted new seedlings to replace the trees cut at a cost of $108,000. Part 1 Incorrect answer icon Your answer is incorrect. Determine the depreciation expense and the cost of timber sold related to depletion for 2008. (Round intermediate calculations to 5 decimal places, e.g. 1.54687 and final answers to 0 decimal places, e.g. 5,125.) Depreciation expense $ Cost of timber sold $ eTextbook and Media Attempts: 3 of 15 used Save for LaterCheck Answer Part 2 Buffalo has not logged since 2008. If Buffalo logged and sold 972,000 board feet of timber in 2019, when the timber cruise (appraiser) estimated 5,400,000 board feet, determine the cost of timber sold related to depletion for 2019. (Round intermediate calculations to 5 decimal places, e.g. 1.54687 and final answers to 0 decimal places, e.g. 5,125.) Cost of timber sold $