Question 9 (1 point) On July 15, 2020, Green Forest Co. bought timber rights for $700,000. An additional $100,000 was spent to develop the site. The timber stand is expected to produce as estimated 1,600,000 board feet of lumber and have no salvage value. During 2020, 250,000 board feet were cut and 200,000 were sold. The depletion expense recorded for 2020 would be: $70,000 $80,000 $87,500 $100,000 $125,000