In January 2020, Fritz Mining Corporation purchased a mineral mine for $6,300,000 with removable ore estimated by geological surveys at 2,500,000 tons. The property has an estimated value of $600,000 after the ore has been extracted. Fritz incurred $1,725,000 of development costs preparing the property for the extraction of ore. During 2020, 585,000 tons were removed and 525,000 tons were sold.

Prepare the journal entry to record depletion for 2020