On February 12, 20XX, Forest Incorporated purchased the right to remove timber from a 10,000-acre tract of land over the next five years, and the company estimates no residual value. The timber is to be sold as lumber for new home construction. The cost of the timber rights was $465,000, with estimated salable timber feet of 1,500,000. During that same year, on April 5, 20XX, Forest Incorporated purchased equipment to be used on the timber property. The cost of this equipment was $230,000. This equipment can be removed from the timber tract and sold for $5,000 once the timber tract has been cleared. During 20XX, Forest harvested and sold 250,000 feet of timber. Required: 1. Compute the depletion rate and the depreciation rate per board foot of lumber using the units-of-production method. 2. Compute the total depletion expense and depreciation expense for 20XX. 3. What is the book value of the timber rights and the equipment at the end of 20XX, assuming the company uses the units-of-production method