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In January, 2020, Swifty Corporation purchased a mineral mine for $5300000 with removable ore estimated...

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Accounting

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In January, 2020, Swifty Corporation purchased a mineral mine for $5300000 with removable ore estimated by geological surveys at 1600000 tons. The property has an estimated value of $320000 after the ore has been extracted. The company incurred $1600000 of development costs preparing the mine for production. During 2020, 610000 tons were removed and 520000 tons were sold. What is the amount of depletion that Swifty should expense for 2020? O $1618500 O $1524250 O $2821000 0 $2138500

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