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In January year 1, the Under Mine Corporation purchased a mineral mine for $3,400,000 with...

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Accounting

In January year 1, the Under Mine Corporation purchased a mineral mine for $3,400,000 with removable ore estimated by geological
surveys at 4,000,000 tons. The property has an estimated value of $200,000 after the ore has been extracted. The company incurred
$800,000 of development costs preparing the mine for production. During year 1,400,000 tons were removed and 375,000 tons were
sold. What is the amount of depletion that Under Mine should record for year 1?
$420,000
$375,000
$400,000
$393,750
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