Yellowstone Mining Company had total depletable capitalizedcosts of $665,000 for a mine acquired in early 2019. It wasestimated that the mine contained 950,000 tons of recoverable orewhen production began. During 2019, 47,500 tons were mined, and174,800 tons were mined in 2020. Required: 1. Compute the depletionexpense in 2019 and 2020 for financial accounting purposes. 2-a. In2019, 47,500 tons of ore were sold for $475,000. For tax purposes,operating expenses of the mine were $600,000. The taxpayer maydeduct either cost depletion or percentage depletion, which for thetype ore produced is 8 percent of production sold from the mine.(Assume, however, that percentage depletion is limited to theamount of net income from the property.) What would be the amountof percentage depletion allowable in 2019? 2-b. What would be theamount of cost depletion allowable for tax purposes in 2019,assuming that capitalized mineral costs are the same for taxpurposes as for financial accounting purposes? 2-c. What will bethe amount of depletion based on cost that the company could deducton its tax return in 2020 if it deducts percentage depletion in2019? 2-d. Suppose that in the first three years of the mine’slife, the company took percentage depletion totaling $820,000. Inthe fifth year of the mine’s life, production proceeds were$5,300,000. How much percentage depletion could the company deductin the fifth year, considering allowable percentage depletion rateis 8%?