Calculating Depletion, Depreciation, and Ending Inventory Aerial Company acquired land containing natural resources that it planned to extract for $4 million on January 1, 2020. The amount allocated to the land is $160,000. Surveys estimate that the recoverable reserves will total 3.2 million tons. The company paid an additional $320,000 for development to prepare for the extraction of the resources. The company also incurred $160,000 to build roads with a useful life of 8 years. The roads will not be used for other projects. The company is obligated to restore the site after the extraction of resources. The present value of this obligation is $40,000. 384,000 tons of natural resources were extracted in 2020 and 360,000 tons were sold in 2020. Required a. Determine depletion for the natural resource in 2020. Note: Round depletion rates to two decimals used in your calculations. 0 b. Assuming that the company depreciates the cost of roads using units-of-production, determine depreciation expense for 2020. Note: Do not round until your final answer. Round your final answer to the nearest dollar. $ 0 c. Compute cost of goods sold for 2020, and ending inventory on December 31, 2020. Note: Round depletion rates to two decimals used in your calculations. Cost of goods sold $ 0 Ending inventory $ 0