Luper Company acquired a tract of land that contained iron deposits for $5,848,800. Luper spent $308,000 to access the iron ore, Luper estimates that 2,000,000 tons of ore will be extracted. The estimated value of the land after the ore is extracted is $236,800. During the current vear, Luper extracts 150,000 tons of iron ore. Required: Compute the cost of the natural resource and the amount of depletion taken during the year: Cost of the natural resource Amount of depletion