Corporation purchased an interest in a oil well for $800,000. During the year, 4,000 barrels of oil were sold from an estimated reserve of 160,000 barrels. Gross revenue from the sale of the oil equaled $200,000 and expenses, other than depletion, totaled $150,000. Drill-Well is not an integrated oil company. Given a statutory depletion rate of 15 percent, what amount of depletion should Drill-Well Corporation deduct for the year?