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Leading Mineral Processors Corporation is in this business of location and processing the mineral forconium. Leading Mineral hired and paid General Explorers, Inc, $550,000 to
Leading Mineral Processors Corporation is in this business of location and processing the mineral forconium. Leading Mineral hired and paid General Explorers, Inc, $550,000 to locate forconium deposits containing 3 million ounces. Leading Mineral paid the landowner in which the forconium deposits are located $650,000 for the mineral rights to the forconium. Further, it cost Leading Mineral $1,500,000 to excavate the forconium and another $2 million to process it. Once the forconium is processed, Leading Mineral sells the processed forconium to different manufactures. In 2022 , Leading Mineral sold 400,000 ounces to various manufacturers. Using the cost method, what was Leading Mineral's depletion expenses associated with the forconium in 2022? Answers rounded to the nearest dollar
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