Early in the current year, Tokay Company purchased the Silverton Mine at a cost of $34,620,000. The mine was estimated to contain 310,000 tons of ore and to have a residual value of $3,000,000 after mining operations are completed. During the year, 295,000 tons of ore were removed from the mine. At year-end, the book value of the mine (cost minus accumulated depletion) is: Multiple Choice $30,090,000 $28,620,000. $31,620,000. $4,530,000