PC Mine purchased a platinum deposit for $3,500,000 in 2020. It estimated it would extract 17,500 ounces of platinum from the deposit. In 2020, PC actually extracted 2,000 ounces of platinum. 1. What is PC's depletion expense for 2020 using the cost depletion method? 2. If the applicable percentage depletion for platinum is 22 percent, gross income is $5,000,000 for 2020, and taxable income is $2,000,000, what is the depletion expense for 2020 using the percentage method? 3. Which amount should the company use for depletion expense