Marigold Company acquired a tract of land containing an extractable natural resource. Marigold is required by the purchase contract to restore the land to a condition suitable for recreational use after it has extracted the natural resource. Geological surveys estimate that the recoverable reserves will be $5020000$ tons and that the land will have a value of $$600000$ after restoration. Relevant cost information follows:

Land $$6347600$

Estimated restoration costs

$1180000$

If Marigold maintains no inventories of extracted material, what should be the charge to depletion expense per ton of extracted material?

$$1\mathrm{.}50$

$$1\mathrm{.}38$

$$1\mathrm{.}26$

$$1\mathrm{.}58$