Early in the current year, Tokay Co. purchased the Silverton Mine at a cost of $28,380,000. The mine was estimated to contain 270,000 tons of ore and to have a residual value of $3,000,000 after mining operations are completed. During the year, 255,000 tons of ore were removed from the mine. At year-end, the book value of the mine (cost minus accumulated depletion) is: $25,380,000. $23,970,000. $4,410,000. Less than $22,380,000