On April 1, Year 1, Fossil Energy Company purchased an oil-producing well at a cash cost of $8,370,000. It is estimated that the oil well contains 720,000 barrels of oil, of which only 620,000 can be profitably extracted. By December 31, Year 1, 31,000 barrels of oil were produced and sold. The amount of depletion for Year 1 on this well would be: (Do not round intermediate calculations.)