On April 17, 2018, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $4,750,000. The company expects to extract 950,000 tons of coal during a four-year period. During 2018, 245,000 tons were extracted and sold immediately.

Required: 1. Calculate depletion for 2018.