Everly Corporation acquires a coal mine at a cost of $909,600. Intangible development costs total $227,400. After extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $181,920), after which it can be sold for $363,840. Everly estimates that 9,096 tons of coal can be extracted.

If 1,592 tons are extracted the first year, prepare the journal entry to record depletion.