In February Year 1, Gemstone Industries purchased the Opal Mine at a cost of $20,000,000. The mine is estimated to contain 500,000 carats of stone and to have a residual value of $1,000,000 after mining operations are completed. During Year 1, 50,000 carats of stone were removed from the mine and sold. In this situation: Multiple Choice The amount of depletion deducted from revenue during Year 1 is $1,000,000. The amount of depletion deducted from revenue during Year 1 is $1,900,000. The book value of the mine is $19,000,000 at the end of Year 1. The mine is classified as an intangible asset and amortized over a period not to exceed 40 years.