Early in the current year, Tokay Company purchased the Silverton Mine at a cost of $29,880,000. The mine was estimated to contain 280,000 tons of ore and to have a residual value of $3,000,000 after mining operations are completed. During the year, 265,000 tons of ore were removed from the mine. At year-end, the book value of the mine (cost minus accumulated depletion) is: Mutiple Choice $25,440,000. $26,880,000 $4,440,000 $23,880,000