The Weber Company purchased a mining site for $600,683.00 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 82,462 tons will be recovered. The estimated residual value of the property is $41,429.00. During the first year the company extracted 6,460 tons of ore. What is the depletion expense for the first year?

Select the correct answer.

$55,925.40

$43,811.46

$47,056.97

$41,429.00