The Weber Company purchased a mining site for $585,345.00 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 82,503 tons will be recovered. The estimated residual value of the property is $46,224.00. During the first year the company extracted 5,924 tons of ore. What is the depletion expense for the first year? Select the correct answer. $46,224.00 $38,710.75 $42,029.79 $53,912.10