Madisonville Mining Company acquired property for $3,000,000 for the development of a copper mine. Madisonville expects that the mine will produce 1,500,000 tons of copper, and once mining is completed, the property could be sold for $600,000. (Hint: If the total cost for the property with copper is $3 million, and the the cost of the property alone, after all copper is mined, is $600,000, then the cost of the copper is..........?)

Assume that Madisonville is able to recover and sell 300,000 tons of copper in 2007. The depletion expense for the year would be

	a.	$600,000.
	b.	$480,000.
	c.	$150,000.
	d.	$1,500,000.
	e.	none of the above