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Weber Company purchased a mining site for $689,092 on July 1. The company expects to mine ore for the next 10 years and anticipates that

Weber Company purchased a mining site for $689,092 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 82,882 tons will be recovered. The estimated residual value of the property is $40,989. During the first year, the company extracted 4,307 tons of ore. What is the depletion expense?

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