In 2018, the Marion Company purchased land containing a mineral mine for $1,780,000. Additional costs of $738,000 were incurred to develop the mine. Geologists estimated that 300,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $118,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $180,000. These structures have a useful life of 10 years. The structures cannot be moved after the ore has been removed and will be left at the site. In addition, new equipment costing $98,000 was purchased and installed at the site. Marion does not plan to move the equipment to another site but estimates that it can be sold at auction for $5,000 after the mining project is completed In 2018, 66,000 tons of ore were extracted and sold. In 2019, the estimate of total tons of ore in the mine was revised from 300,000 to 326,000. During 2019, 98,000 tons were extracted Required 1. Compute depletion and depreciation of the mine and the mining facilities and equipment for 2018 and 2019. Marion uses the units- of-production method to determine depreciation on mining facilities and equipment. 2. Compute the book value of the mineral mine, structures, and equipment as of December 31, 2019 Complete this question by entering your answers in the tabs below Required 1 Required 2 Compute depletion and depreciation of the mine and the mining facilities and equipment for 2018 and 2019. Marion uses the units-of-production method to determine depreciation on mining facilities and equipment. (Round the intermediate calculation to 3 decimal places.) 2018 2019 Depletion Depreciation for Structures Depreciation for Equipment Required 2 Required 1 In 2018, the Marion Company purchased land containing a mineral mine for $1,780,000. Additional costs of $738,000 were incurred to develop the mine. Geologists estimated that 300,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $118,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $180,000. These structures have a useful life of 10 years. The structures cannot be moved after the ore has been removed and will be left at the site. In addition, new equipment costing $98,000 was purchased and installed at the site. Marion does not plan to move the equipment to another site, but estimates that it can be sold at auction for $5,000 after the mining project is completed. In 2018, 66,000 tons of ore were extracted and sold. In 2019, the estimate of total tons of ore in the mine was revised from 300,000 to 326,000. During 2019, 98,000 tons were extracted. Required 1. Compute depletion and depreciation of the mine and the mining facilities and equipment for 2018 and 2019. Marion uses the units- of-production method to determine depreciation on mining facilities and equipment. 2. Compute the book value of the mineral mine, structures, and equipment as of December 31, 2019. Complete this question by entering your answers in the tabs below Required 1 Required 2 Compute the book value of the mineral mine, structures, and equipment as of December 31, 2019. (Round the intermediate calculation to 3 decimal places.) Book Value Mineral mine Structures Equipment KRequired 1 Required 2