On April 17, 2018, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price was $ 5,500,000, additional mining costs necessary to prepare the mine for extraction of the coal totaled $ 55,000. The company expects to extract 710,000 tons of coal in total during a 9 year period. During 2018, 95,000 tons were extracted and sold immediately. During 2019, Loadstone spent another $ 26,000 to increase the productive capacity of the mine.

Compute depletion expense for 2018.