The Weber Company purchased a mining site for $597,864.00 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 92,674 tons will be recovered. The estimated residual value of the property is $40,085.00. During the first year the company extracted 4,891 tons of ore. What is the depletion expense for the first year? Select the correct answer. O$55,777.90 O$29,437.57 O$31,553.11 O$40,085.00