Question Content Area Natural Resources and Depletion Luper Company acquired a tract of land that contained iron deposits for $4,110,400. Luper spent $216,000 to access the iron ore. Luper estimates that 2,000,000 tons of ore will be extracted. The estimated value of the land after the ore is extracted is $166,400. During the current year, Luper extracts 150,000 tons of iron ore.

Required: Compute the cost of the natural resource and the amount of depletion taken during the year.

Cost of the natural resource $fill in the blank 1

Amount of depletion $fill in the blank 2