Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $656,250 for extraction rights. A geologist estimates that Santa Fe will recover 8,750 pounds of turquoise. During the current year, Santa Fe extracted 2,625 pounds of turquoise, which it sold for $420,000. What is Santa Fe's cost depletion deduction for the current year? Multiple Choice $131,250 $196,875 $238,250