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In 2021, Colorado Mining Company paid $4,000,000 for a mining tract with reserves of 100,000 tons of ore, which the company planned to mine over

In 2021, Colorado Mining Company paid $4,000,000 for a mining tract with reserves of 100,000 tons of ore, which the company planned to mine over a 20-year period. The company spent $500,000 developing the mine. Colorado Mining plans to spend $200,000 for reclamation when mining has been completed, after which the land will have an estimated value of $300,000. In 2021, Colorado Mining mined and sold 20,000 tons of ore. 


What depletion should Colorado Mining record for the year?

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