Natural Resources and Depletion Luper Company acquired a tract of land that contained iron deposits for $5,216,200. Luper spent $275,000 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 $211,200. During the current year, 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