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Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $892,250 for extraction rights. A

Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $892,250 for extraction rights. A geologist estimates that Santa Fe will recover 10,750 pounds of turquoise. During the current year, Santa Fe extracted 3,225 pounds of turquoise, which it sold for $568,000. What is Santa Fe's cost depletion expense for the current year?

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