In January 20Y5, Sheridan Company purchased a mineral mine for $3,000,000 with removable ore estimated by geological surveys at 1,600,000 tons. The property has an estimated value of $500,000 after the ore has been extracted. The company incurred $700,000 of development costs preparing the mine for production. During 20Y5, 600,000 tons were removed and 550,000 tons were sold. What is the amount of depletion that Sheridan should expense for 20Y5?

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