On April 17, 2018, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price was $ 6,100,000, additional mining costs necessary to prepare the mine for extraction of the coal totaled $ 30,000. The company expects to extract 760,000 tons of coal in total during a 8 year period. During 2018, 82,000 tons were extracted and sold immediately. During 2019, Loadstone spent another $ 35,000 to increase the productive capacity of the mine.

Compute the net book value of the mine after payment of the 2019 developmental costs.